Navy Finally Lets Go of Treasure Island ?EUR??,,????'?????<

Treasure Island (top), a mud-dredged creation in San Francisco Bay that has lived several lives, will live a third as the developmental site for 6,000 housing units and other amenities.

 

In 1936 and 1937 an island was created in San Francisco Bay from dredged mud.

It was dubbed Treasure Island and built to accommodate the Golden Gate International Exposition of 1939. The island was turned over to the U.S. Navy for one dollar in 1941. The Navy built a naval station on it during WWII and occupied the island until 1997. See “No Treasure on This Isle, but the Navy Wants a Pot of Gold” www.landscapeonline.com/research/article/12632.

On Dec. 16, 2009, San Francisco Mayor Gavin Newsom brokered a deal to finally wrench Treasure Island away from the U.S. Navy, well, almost all of Treasure Island, plus the northern section of neighboring Yerba Buena Island, a total of 450 acres. The price tag: $105 million.
Now we know why it’s really called “Treasure Island.”

The Navy appraised the land at $250 million; an independent analysis estimated the value at $22 million.

The agreement will at last allow plans to move forward to build 6,000 homes (at least six residential towers), three hotels, a marina, retail, restaurants and entertainment venues, 300 acres of parks and open space and a high-speed ferry service.

Just about everyone is lauding the agreement as an economic boon. The mayor’s office said the island development will create thousands of construction jobs each year over the next two decades and an estimated 3,000 permanent jobs.

The city, like the state it inhabits, has a budget deficit: $522 million for S.F. the next fiscal year; $20.7 billion for the state over the next 18 months. Still, the city expects revenue from the island development to recompense the Navy. The Navy, it’s reported, may also share in the profits with the city and the developer.

Developer Lennar Urban and a host of partners will ante $500 million. The city will add $700 million in bond money, financed by property taxes collected once the development is completed. The initial $1.2 billion will pay for the project's infrastructure and some of the housing.
The Navy is in charge of environmental cleanup of the base and has completed more than half the work. Development plans are projected to be in place by the end of next year.