Welcome to San Francisco, Treasure Island

Newsom strikes a deal for the City to take over former military base

By Sajid Farooq
|  Thursday, Dec 17, 2009  |  Updated 5:55 AM PDT
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Mayor Gavin Newsom went to Washington D.C. to negotiate for Treasure Island to become a part of the City and he did just that.

Newsom reached an agreement with the U.S. Navy to transfer the former military base to San Francisco for a $55 million guaranteed payment over several years and additional considerations that could bump the price tag north of $105 million.

"We can finally begin the hard work of making sure the city's grand vision for Treasure Island can be realized," Newsom said in a prepared statement, according to the San Francisco Chronicle.

The fair market value of the island had been a major sticking point. The Navy had said it wanted $240 million for Treasure Island while San Francisco previously believed it to be worth only $11 million.

The deal opens the door for what could become a bold new world within the City.

There have been calls for 6,000 to 8,000 residences to be built on the island farmed out to individual architects to avoid "architectural monoculture."

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