The redevelopment of Treasure Island moved closer to reality Tuesday.
The Board of Supervisors unanimously approved terms of the plan to buy Treasure Island from the Navy for more than $100 million and spend $1.5 billion developing the man-made island located in the Bay between San Francisco and Oakland.
If all goes according to plan, the island will be home to as many as 8,000 new residential units. Thirty percent of the units would be offered below market rates.
“This represents a tremendous step forward for The City and the region by moving us significantly closer to beginning implementation of a project that will create a new neighborhood, a regional destination, a massive package of public benefits and thousands of jobs as early as next year,” Mayor Gavin Newsom said in a statement.
The final project plan would have to return to the Board of Supervisors for approval. That’s not expected to occur until early next year.