Treasure Island Community Development (TICD) announced it has begun construction on the redevelopment of Treasure Island/Yerba Buena Island in San Francisco into a sustainable, scenic communities.
TICD, a joint venture among Lennar Urban, Kenwood, Stockbridge Capital Group and Wilson Meany, last week began infrastructure work on Yerba Buena Island after receiving lands in the first development phase from the Treasure Island Development Authority, the city agency that is overseeing the redevelopment project.
"We are thrilled that construction is under way,'' said Kofi Bonner, President of Lennar Urban. "A transformative development like this only happens because of the strong partnership with the City and the community. Together, we are committed to creating another unique San Francisco neighborhood.''
San Francisco Mayor Ed Lee welcomed the news.
"It's taken almost two decades to get to this point and we're eager to transform this former naval base into a vibrant community with more housing, jobs and economic opportunities for our residents," Lee said.
The first phase of work covers all of Yerba Buena Island north of the Bay Bridge (approximately 80 acres) and a portion of Treasure Island along its western shoreline (approximately 45 acres). Consistent with the approved entitlements of the project, this first phase will provide for approximately 2,100 homes, up to 500 hotel rooms, retail, reuse of historic buildings, and approximately 90 acres of parks and open space.
More than 40 outdated structures are being demolished in the next several months to make way for new housing. Earthwork and infrastructure construction will begin shortly, which includes new roads, utilities, parks and shoreline open space, geotechnical improvements and protection against potential sea level rise. Transportation improvements will include a new intermodal transit hub, with a ferry terminal that supports ferry service between Treasure Island and San Francisco.
"A lot of smart people have devoted thousands of hours in crafting plans for these islands,'' said Chris Meany, managing partner at Wilson Meany. "During the next decade, we will be creating a new place with panoramic views of the San Francisco Bay, and it will be just minutes from San Francisco's Financial District.''
Last May, the U.S. Navy officially conveyed 290 acres that comprise all of the U.S. Navy lands on Yerba Buena Island and approximately half of its land on Treasure Island to the Treasure Island Development Authority, the public benefit authority administering this property. The Navy also turned over 518 acres of submerged land surrounding the islands. Treasure Island and Yerba Buena Island was home to Naval Station Treasure Island until its closure in 1997.
Development of Treasure Island was approved unanimously by the San Francisco Board of Supervisors in 2011 and includes the upgrade of infrastructure such as roads and utilities and the creation of 300 acres of parks and open space.
The mixed-use, high-density project is approved for up to 8,000 homes (2,000 affordable), 140,000 square feet of commercial and retail space, 100,000 square feet of office space and up to 500 hotel rooms.
Treasure Island will have two neighborhoods, one along the western edge looking back to the city, and a second stretching to the east along Clipper Cover with a view of the Bay Bridge and East Bay hills. The new neighborhood on Yerba Buena Island will be built on existing development areas around the top of the island, surrounded by its densely vegetated slopes. The entire community will be walkable, bikeable and built in accordance with the best current sustainability guidelines.