A major proposal to transform Treasure Island into a unique, vibrant neighborhood using “green” materials, incorporating alternative energy and centered around public transit was praised in concept Wednesday by city officials as they attempted to hash out better protections for The City.
Years in the making, the proposal by a private development team would level nearly all the existing structures on the 450-acre Treasure Island and make way for the neighborhood, which would include 6,000 homes, 235,000 square feet of retail and 13,500 new residents.
The Board of Supervisors Land Use and Finance committees listened to a presentation of the development plan Wednesday night and then spent more than four hours discussing project details.
The private development team — which includes the Miami-based homebuilder Lennar Corp., local developer Wilson Meany Sullivan and Kenwood Investments — had hoped for an approval of the development plan with a final vote before the full board next Tuesday. If all goes according to plan, the Board of Supervisors would give final approval to the development in 2009. The project has a 2013 completion date.
“Our role is to make sure that a lot of tough questions, particularly on the financial side, are asked and answered, and many of them are not answerable today,” Board of Supervisors President Aaron Peskin said. He added, “I think what we have before us is very exciting.”
Committee members discussed a number of options to tack onto the development plan, including protections for existing residents and an assurance that The City will not end up paying out of its operating fund for the island’s new transit system.
With an approval from the Board of Supervisors, the development team would begin negotiations to acquire the island, which is owned by the U.S. Navy. The committee’s vote was unavailable at press time.
The project includes a new ferry terminal, a shuttle system and 300 acres of open space, which is being called the largest park project in San Francisco since Golden Gate Park.
The island would require extensive work to prep it for the development, including seismic upgrades and a cleanup of soil contamination.
The development includes a fee for drivers to pay to get on and off the island, and homeowners would also have to purchase transit passes, creating a revenue stream that is supposed to subsidize a public transit system for people to get around the island as well as off it.
Neighborhood in the Bay
Highlights of proposed Treasure Island development:
» 6,000 residential homes
» 1,800 below-market rate housing units
» Estimated number of new residents: 13,500
» 300 acres of public parkland
» 235,000 square feet of retail and entertainment
» 90 percent of new homes within 12-minute walkingdistance of transportation hub
» 420 hotel rooms
» Ferry terminal
» $1.2 billion project cost: $500M private funding/$700M city-issued bonds
» Historic building renovation, including the seaplane hangars
» Community buildings, including child care space and a school
» A wastewater and recycled-water treatment facility
» A police and fire station
Source: Treasure Island Development Authority