Home construction is at a general standstill in San Francisco, but not on Treasure Island.
With 1,000 homes on the island either finished, under construction or about to break ground, Mayor London Breed and Supervisor Matt Dorsey have launched legislation to hasten financing for infrastructure to support another 1,000, the San Francisco Chronicle reported.
The legislation would provide $115 million for the next phase of the development, which includes 1,300 homes, 250 of which would be affordable; a 240-bed behavioral health building; restoration of three historic buildings; and two public parks.
The money would be repaid through taxes generated from development on the 400-acre man-made island beneath the San Francisco-Oakland Bay Bridge.
“This is where housing production is happening,” Dorsey told the Chronicle. “Things are moving forward. We can’t have any delays.”
Plans for Treasure Island include 8,000 homes, including 2,000 set aside as affordable housing for low-income families.
They also include 140,000 square feet of shops and restaurants, 100,000 square feet of offices, 300 acres of parks, plus a new marina, hotel, school and a joint police and fire station.
The proposed homes make up 10 percent of the city’s state-mandated housing goal of planning for 82,000 units through 2031, Dorsey said.
While developers have hit pause on such large San Francisco developments as the Shipyard, Pier 70 and Schlage Lock, development on Treasure Island has boomed.
In addition to the first 1,000 homes, $800 million has been privately spent on infrastructure for utilities, streets, sidewalks, parks and a new ferry terminal.
With high interest rates and a slow Bay Area rebound from the pandemic, it would be hard for a developer to raise the $115 million needed for the next infrastructure phase, according to Anne Taupier, director of development for Breed.
Instead, the money would come from the city’s general fund and then get paid back by taxes generated by the development. Taupier said the first phase would be completed in late fall and the next phase would break ground next year.
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“We really appreciate all the hard work the city has put into keeping this project on track,” Chris Meany, managing partner of locally based Wilson Meany, the lead developer of the $6 billion Treasure Island project, told the newspaper.
“By updating this plan, we will be able to move efficiently from phase one to phase two and deliver the thousands of homes San Francisco needs.”
— Dana Bartholomew