Treasure Island Looks at Housing to Solve Financial Crunch

Developers say adding 2,000 more housing units could make the plan more viable

By Sajid Farooq
|  Friday, Jan 29, 2010  |  Updated 11:45 AM PDT
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Treasure Island Erupts in Flame, Music, Light

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Treasure Island viewed from above.

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San Francisco isn't worried about the potentially staggering cost to develop Treasure Island because the City has a plan.

Some have questioned the viability of converting the former military base to civilian use because of an estimated costs of $6 billion to redevelop the recently acquired island from the federal government.

But developers behind the conversion plan tell the San Francisco Business Times they plan to add 2,000 more housing units than initially anticipated to mitigate the costs. The brain trust's thinking is: if you build homes, shops will come.

Retail and more island dwellers means would give developers more people to distribute the cost across. The initial 15 year development plan called for 6,000 new homes to be added to the island.

Mayor Gavin Newsom recently convinced the federal government to gift the island to the City for just over $100 million. 
 

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