Developer Group Burying $5 Billion On Treasure Island
Treasure Island is man made and is the only water-surrounded neighborhood in San Francisco. Yes, it is one of our many, lovely neighborhoods. And now a developer partnership of four companies is pouring $5 billion into creating a full blown community on Treasure Island and nearby Yerba Buena Island.
The island project will include 8,000 new homes, 500 hotel rooms, 300 acres of parks and open terrain, 140,000 square feet of retail shop space and 100,000 square feet of office space. It took 15 years to get the approvals through.
The four companies in the partnership are: Wilson Meany, Lennar Corp., Kenwood Investments and Stockbridge Capital Group. The project master planner and lead architect are Skidmore, Owings & Merrill LLP.
The infrastructure first phase started this past spring with Cyclopean demolition and earth moving, seismic integrity and laying in roads, utilities and sewer lines.
This process will cost a tidy $1.6 billion.