Posted by: BayAreaComRE | December 21, 2009

City of San Francisco to Acquire Treasure Island

The City of San Francisco will be purchasing the man-made Treasure Island from the U.S. Navy. for a total sum of $105 million. The strucutre of the deal includes payments over several years as well as a profit sharing agreement in order to entice private partners to initiate development. The master redevelopment plan for the site is scheduled to be finalized in 2010 which includes up to 6,000 residences, a 300+ Acre open park, canals for transportation, and a city center to include a 60-story high rise with commercial and retail components.

From an environmental standpoint, the Navy is still on the hook to finish clean-up of the site which is halfway to completion. Furthermore, the island is built on man-made landfill which could potentially pose a flood risk should sea-levels continue to rise. More importantly, the entire project is intended to be an independently contained sustainable “test-tube” which will implement the latest in green technology to eliminate the island’s carbon footprint.

The Treasure Island redevelopment will provide a huge economic benefit to the Bay Area including up to 3,000 sorely needed jobs. Mayor Gavin Newsome and House Speaker Nancy Pelosi were integral and getting the deal done. “These forthcoming economic benefits will provide a welcome boost to San Francisco’s economic recovery, and to the entire region,” said Pelosi.

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