How Much for That Island on the Corner?

By Jessica Greene
|  Friday, Oct 9, 2009  |  Updated 10:00 AM PDT
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How Much for That Island on the Corner?

RuthannOC on Flickr

Treasure Island viewed from above.

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The quest to turn Treasure island into it's own little San Francisco took a blow this week when congressional leaders nixed the chance of the City getting a fabulous deal on the land.

Mayor Gavin Newsom has proposed a plan that would turn the former naval base into an eco-friendly village with 6,000 to 8,000 housing units. But his offer to the Navy was: give it to us for free.

A decision on Wednesday dashed hopes of attaining the premium land cost-free. Lawmakers removed the provision in a defense spending bill that allowed local governments to take over about 24 shuttered bases nationwide as long as they developed the land.

The Navy has appraised the island at $240 million and San Francisco leaders say they would be willig to pay up to $40 million up front and maybe even more, depending on how much it could take to fulfill the development plan.

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