Two years after discussions began about plans to develop Treasure Island, San Francisco oficially begins its takeover of the prime real estate.
Mayor Gavin Newsom will meet with House Speaker Nancy Pelosi and Navy Secretary Ray Mabus today to announce a deal between the city and the government that will put the Treasure Island in San Francisco's control.
San Francisco will pay the Navy $55 million, plus interest, over the next 10 years for the island. The future plans for the land include housing units, hotels and shopping centers. If the project's return tops 15 percent, the Navy could get up to $50 million more.