City leaders plan to develop Hunters Point Shipyard, which was closed by the Navy in 1974, into an area of mixed residential and commercial use. "After cleanup and construction, Hunters Point can be the new crown jewel of San Francisco," says Davis. "The city has a strong redevelopment plan in place that will revitalize the neighborhood and give the area an economic boost."

According to the governor's office, the Navy and the City of San Francisco reached a Memorandum of Understanding (MOU) earlier this year on cleaning and transforming the land for projects that include low-income housing, a non-profit job training site, commercial development, a cultural arts facility, as well as 10-acres of open space and restored wetlands. The MOU includes $50.6 million in federal money for cleanup.

The State, in the Burton Act of 1968, granted control over Hunters Point to the San Francisco Port Commission and the San Francisco Redevelopment Agency. The City of San Francisco believes the neighboring community would best be served if the land use decision were placed with the San Francisco Redevelopment Agency. AB 2964, by Assemblyman Kevin Shelley (D-San Francisco), appoints the Redevelopment Agency as the Trustee for the public trust area of Hunters Point. The bill also exempts this portion of land from the Burton Act.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.