Treasure Island Community Development (TICD) announced today that it has started construction on a new ferry terminal on the western shore of Treasure Island that will provide easy access to San Francisco's Financial District.
Treasure Island Community Development is the master developer for Treasure Island. TICD is a partnership of Stockbridge Capital Group/Wilson Meany and Lennar Corp.
"With all of the momentum and excitement building around Treasure Island and Yerba Buena Island, we decided to accelerate the timetable for building a ferry terminal,'' said Chris Meany, co-manager of the redevelopment effort. "Providing easy and efficient public transportation is a key part of our plan for Treasure Island and Yerba Buena Island. We want to be prepared as new residents begin moving onto the islands, while providing better transportation options for current residents.''
Construction of the ferry terminal is part of the ongoing redevelopment of Treasure Island, which will include new roads, utilities and public amenities. The redevelopment plans, which have been crafted over the past two decades through a comprehensive public planning and design process, call for the creation of 8,000 new homes and 300 acres of open space. The transportation plan is designed to reduce congestion and emissions, particularly on the Bay Bridge, and to encourage pedestrians and bicyclists on the island. At least one of every four homes on Treasure Island will be affordable.
Construction of 266 homes began earlier this year on the adjacent Yerba Buena Island. The first of those homes are expected to be occupied by 2021.
With the rising demand for mass transit, the Bay Area has grown into the third-largest market in the country for ferry service, behind only Seattle and New York City. The Treasure Island ferry terminal will be within a 15-minute walking distance for all residents. The trip to San Francisco's Ferry Building is less than 10 minutes.
TICD is working closely with the Treasure Island Development Authority (TIDA) and the Treasure Island Mobility Management Agency (TIMMA) to study options for starting ferry service to and from the island. TICD expects that limited ferry service could begin as soon as 2021, with regional service expanding as the island's population grows.
Separately, TICD announced that an affiliate has acquired five additional parcels from TIDA that will comprise the next phase of residential development for Treasure Island. The parcels, which make up the Island Center neighborhood, total approximately six acres and are planned for 800 homes. The neighborhood will include the future commercial core of Treasure Island, which includes two historic hangars that will be rehabilitated and used for retail and other commercial purposes.
TICD also has agreed to prepare and provide infrastructure on a 1.4-acre parcel in the neighborhood that will be owned by TIDA and used for affordable housing.