Project Update

Planning Commission: EIR Approved

Board of Supervisors: EIR Approved

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    Thursday
    May122011

    San Francisco Examiner: "NIMLOS need to leave TI project alone"

    By Ken Garcia, The San Francisco Examiner

    When it was created as an international showcase, Treasure Island was supposed to be a site of big dreams.

    But so many grand ideas have been floated and faded since it opened for the 1939 World’s Fair, the manmade island in the middle of the Bay has been anything but a treasure.

    That could change in the next few weeks if supervisors are willing to show that the last dozen years of planning and negotiations were worthy of the promise to erect a stylish neighborhood of 8,000 new homes in San Francisco and bring up to $80 million to The City over the next two decades.

    Read the full story.

    Thursday
    May122011

    San Francisco Chronicle: "State may help pay for Treasure Island housing"

    By Will Kane, The San Francisco Chronicle

    A coalition of state and local officials wants to use state money to fund development at Treasure Island and reinstate 400 affordable housing units eliminated earlier this year.

    The plan proposed by Assemblyman Tom Ammiano, D-San Francisco, calls for the state to contribute roughly $140 million in expected property tax revenue from the proposed development that would otherwise go into California's general fund, the primary state spending account, said Quintin Mecke, spokesman for Ammiano.

    That money must be used to restore the affordable units cut earlier this year to make up a $130 million shortfall, he said.

    Read the full story.

    Tuesday
    May102011

    SF Chronicle: "Treasure Island development brings big bucks to the city"

    By Will Kane, The San Francisco Chronicle

    Building a from-scratch green community on Treasure Island for 19,000 new people will bring more than $80 million to the San Francisco's coffers over the next 20 years, according to a report from the city's budget analyst.

    The report, set to be discussed at Wednesday's meeting of the Board of Supervisors Budget and Finance Committee, found the development would cost the city almost $157 million to finish, but would also bring in almost $236 million in revenue.

    "The budget analysis confirms that Treasure Island will enhance the city's economic vitality and involves no risk for taxpayers," said Christopher Meany of Wilson, Meany, Sullivan, one of the project's developers.

    Read the full story.

    Tuesday
    May102011

    SF Examiner: "Treasure Island redvelopment projected to rake in big money for San Francisco"

    By Dan Schreiber, The San Francisco Examiner

    What’s that weird sound coming from the center of San Francisco Bay? Don’t worry, it’s probably just the ringing of public cash registers.

    The board’s budget finance committee will hold a hearing next week, Wednesday, on the plan’s financial agreements. The full board is expected to vote on the proposal for the first time on May 17.

    An analyst’s report set to go before city supervisors at Wednesday’s Budget and Finance Subcommittee says the complete redevelopment of Treasure Island will bring in a little more than $80 million to San Francisco’s general fund during its 20-year buildup, which includes 8,000 new homes that are projected to increase the island’s population nearly tenfold to 19,000.

    Read the full story.

    Monday
    May022011

    SF Examiner: "Treasure Island redevelopment clears first Board of Supervisors hurdle"

    By Joshua Sabatini, The San Francisco Examiner

    The Board of Supervisors Land Use and Economic Development Committee approved Monday the proposed redevelopment of Treasure Island. Years in the making, the proposal would construct 8,000 residential units, 140,000 square feet of retail space, 100,000 square feet of commercial space, and 300 acres of parks and open space. It also includes a police and fire station, a school and a 500-room hotel. At least 25 percent of the units, or 2,000, will be offered at below market rates.

    The board’s budget finance committee will hold a hearing next week, Wednesday, on the plan’s financial agreements. The full board is expected to vote on the proposal for the first time on May 17.

    “I can’t think of a project that has been more thoroughly thought through,” Supervisor Scott Wiener said. “I am quite supportive of this project.”

    Read the full story.