The U.S. Navy has officially transferred half of Yerba Buena Island and half of Treasure Island, a total of 290 acres, to San Francisco’s Treasure Island Development Authority, clearing the way for the building of up to 8,000 units of housing; 500,000 square feet of commercial, retail and office space; 500 hotel rooms; and 300 acres of parks and open space.
A new ferry terminal with service between Treasure Island and San Francisco will serve as the cornerstone of the island’s transportation plan, a plan which includes congestion pricing for those in cars.
And Lennar Urban is aiming to start construction on the first phase of the development – which includes 500 units of housing on Yerba Buena Island, new retail next to the marina, and infrastructure projects – early next year.
San Francisco will be paying the Navy $55 million for the land(fill) with the potential for additional payments based on the cash flow generated by the project. The U.S. Coast Guard and Job Corps will continue to operate programs on the eastern half of the islands which will be retained by the Federal government.