San Francisco Business Times
From the article:
The slow transformation of Treasure Island from a Navy base to San Francisco’s largest housing project turned a tricky corner on Friday when 290 acres traded hands from the U.S. Navy to the city.
The exchange allows for developers Lennar Urban and Wilson Meany to start building infrastructure and streets by next year and construction on the first phase of 500 housing units around Clipper Cove by 2017. Treasure Island and adjoining Yerba Buena Island will eventually have 8,000 housing units (one-quarter to be priced as affordable), retail and 300 acres of parkland.
The $1.5 billion project has grinded along for more than a decade through a complicated development agreement, environmental lawsuits and concerns about radiation contamination. Now, it’s full steam ahead after the the state court ruled in favor of the developers.
“This was an underused military base in one of the most housing starved areas of the country,” said Chris Meany, partner at Wilson Meany. “In San Francisco, where there are development wars, people throw stones at this project. When it’s done, this is going to be an incredibly safe, seismically sound, incredibly appropriate residential development.”