From the Office of the Mayor:
Secretary of the Navy Ray Mabus and San Francisco Mayor Gavin Newsom announced today that they had reached a broad outline of terms for the conveyance of former Naval Station Treasure Island from the Navy to the City’s Treasure Island Development Authority. The terms of the agreement include a guaranteed payment to the Navy of $55M followed by an interim payment of another $50M, plus an additional share of potential further profits.
And from the Chronicle:
The plan is for 6,000 homes to be created through private and public financing. Development partners Wilson Meany Sullivan, Lennar Corp. and Kenwood Investments will stake $500 million with the city providing an additional $700 million in bond money financed by property taxes collected once the development is completed. The initial $1.2 billion will pay for the project’s infrastructure and some of the proposed housing.
Once again, infrastructure work for the SOM designed development of Treasure Island could start as early as 2011 with the first residences ready for occupancy in 2013 and an Island complete by 2022.
∙ Newsom Announces Agreement to Transfer Treasure Island to San Francisco [SFMayor]
∙ City reaches $105 million deal to acquire Treasure Island [SFGate]
∙ Treasure Island: We Have A Plan, So Can’t We Just Have The Land? [SocketSite]
∙ The (SOM) Master Plan For San Francisco’s Treasure Island [SocketSite]
∙ Model For Turning Treasure Island Into A “Green City Of The Future” [SocketSite]