A deal has been reached to transfer Treasure Island from the Navy to San Francisco, culminating 17 years of negotiations.
The Navy will be paid $105 million for the island, which will be funded by private companies and expected revenue that will be made from developing the island.
Speaker of the House Nancy Pelosi, Mayor Gavin Newsom and Secretary of the Navy Ray Mabus signed documents transferring the man-made island to the city. Part of neighboring Yerba Buena Island is included in the agreement. The agreement is key to the planned $1.4 billion development deal that includes 8,000 new homes, a 60-story skyscraper, three hotels and 300 acres of open space. The project includes making sure the island is seismically safe and protected from rising sea levels.
The official transfer of the island is expected to happen in spring after environmental reviews and project approvals are concluded.
Construction could begin as early as mid-2011, pending the conclusion of the environmental review. The development project is expected to last 15 to 20 years.
Treasure Island is the last piece of military property to be transferred to the city. The other pieces were the Hunters Point shipyard and the Presidio.
Tony Hall, former supervisor and former president of the Treasure Island Development Authority, spoke to ABC7, calling the development, "Fantasy Island."
Jack Sylvan, redevelopment project director for the city, jokingly told the San Francisco Chronicle the only way the deal could go wrong was if an earthquake struck and half the island was underwater.
