Bay Area/ San Francisco/ Real Estate & Development
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Published on March 08, 2024
Mayor Breed and Supervisor Dorsey Introduce Legislation to Spur Development on SF's Treasure IslandSource: Google Street View

In a decisive move to keep San Francisco's housing objectives on target, Mayor London N. Breed and Supervisor Matt Dorsey unveiled legislation to accelerate development on Treasure Island, the site earmarked as the city's burgeoning new neighborhood. The legislative push seeks to ensure the island's transition into a vibrant community with over 8,000 planned homes does not stall amidst the current economic landscape, as reported by the city's official news release.

The proposal's main thrust includes maintaining the 2011 agreement's public benefits package and the mandate for affordable housing, which rings in at 27.2%. It also proposes tuning up certain project timelines and economic strategies, such as expediting Treasure Island-generated tax revenues and tweaking permit processes to align with today's economic climate. According to the official news release, this legislative package poses an opportunity for San Francisco to push forward with housing and economic revitalization.

Circling back to the city's overarching housing mission, Mayor Breed's 'Housing for All' initiative faces the daunting challenge of creating over 80,000 new homes by 2030. Treasure Island's role in this plan is significant, with nearly 1,000 homes sprouting up in just three years. Added to this are the new seawall, ferry terminal, and green spaces laying the groundwork for the island's metamorphosis, as highlighted in the official news announcement.

Supervisor Dorsey extolled the project, suggesting Treasure Island's development was crucial when the city is desperate for housing and a broader economic pick-me-up. "Treasure Island is the City's largest housing project underway when there is a tremendous push, not only to build new housing but to boost economic activity, in San Francisco," he told the city's official newsroom. This commitment is echoed by the San Francisco Building and Construction Trades Council, with Secretary-Treasurer Rudy Gonzalez underscoring the importance of the development for San Francisco's recovery and the livelihoods of the area's trade workers.

Amidst tweaks and updates, vital elements such as the financial plan requiring the city to expedite funding for infrastructure and revised triggers for public amenities construction – like a new police station and a school – are outlined in the new Disposition and Development Agreement. Chris Meany, principal of the Treasure Island Community Development, backed the proposals, stating, "TICD and the City are doubling down on the project with a series of thoughtful planning adjustments that stay true to the spirit of the original plan while affirming our mutual commitment to Treasure Island’s next chapter," as per the news release. With this continued partnership, the trajectory for this ex-naval base to become a flourishing neighborhood is set for full steam ahead.