While the dollar value was set back in December, the details of San Francisco’s payment plan for the purchase of Treasure Island have been hashed out.
Under the agreement, The City will pay $55 million over 10 years — $5.5 million annually, plus interest. In addition, the Navy will receive up to $50 million if the project’s return hits 18 percent from the planned housing units, hotels and retail.
San Francisco’s Board of Supervisors still need to approve the agreement.
∙ Treasure Island: Sold To The Bidder Across The Bay For $105M (Plus) [SocketSite]
∙ City, Navy settle on Treasure Island’s price [Examiner]
∙ The (SOM) Master Plan For San Francisco’s Treasure Island [SocketSite]