A Milestone Two Decades in the Making is Underway in the Bay
Vertical construction has begun on the creation of 266 residences and some 72 acres of parks, beaches, and hiking and biking paths, as part of an approximately $1.5 billion development on Yerba Buena Island.
SAN FRANCISCO—Treasure and Yerba Buena Islands, often referred to collectively as former Naval Station Treasure Island or Treasure Island, are home to approximately 1,800 residents as well as small businesses, restaurants, a grocery store, schools, a boat marina, athletic fields, a special event/film/photo production facility and sporting clubs. But now, a milestone two decades in the making is set to change the landscape of the naturally formed island.
Vertical construction has begun on the first new residences on Yerba Buena Island, according to boutique developer Wilson Meany and real estate investment firm Stockbridge Capital Group. The development represents the creation of 266 residences, part of an approximately $1.5 billion residential and commercial development on the island as a whole.
City supervisors approved plans for the former Navy base and adjoining Yerba Buena Island in 2011. The master project, encompassing both Treasure Island and Yerba Buena Island, is scheduled to take 15 to 20 years and includes up to 8,000 homes, 25% classified as below-market affordable housing, along with commercial buildings, a ferry terminal, and 300 acres of parks, playgrounds and open space.
“Yerba Buena Island is the product of Wilson Meany’s commitment to provide genuine communities that inspire an enhanced quality of life. We’ve enlisted a world-class team to create a place that celebrates the hallmarks of what drew people to San Francisco in the first place: a modern spirit, creative culture, laid-back atmosphere and surrounding natural beauty. We are incredibly excited and humbled to begin vertical construction on 266 homes as we lay the foundation for a new kind of contemporary living experience to be enjoyed for generations to come,” says Chris Meany, co-founder and managing partner of Wilson Meany.
The Yerba Buena Island residential community boasts approximately 72 acres of natural habitat with parks, beaches, and five miles of hiking and biking paths. In addition, 75% of Yerba Buena Island will be preserved for open space, the developers point out.
Specifically, the development will include wellness-minded amenities and access to parks, Clipper Cove Beach and trails, offering the calm and respite of an island environment with the proximity of San Francisco. The condominiums, flats and townhomes will reflect sustainable designs that honor the topography of the island while capturing 360-degree views of the Bay, skyline, bridges and mountains.
A team of firms including Hart Howerton, BDE Architecture Inc., Cliff Lowe Associates Inc., Hood Design Studio, Edmonds + Lee Architects, Meyer Davis and Aidlin Darling Design, are collaborating on the overall vision, which is influenced by the Bay Area’s architectural history.
The Yerba Buena Island community will be centered in the approximately 14,000-square-foot Island Club, which features floor-to-ceiling windows for unobstructed views of the skyline, Bay Bridge and Golden Gate Bridge. Club amenities include a lounge, dining room, bar, game room, spa, sauna, massage room, locker rooms, fitness studio, terrace, outdoor lap pool and a contemporary art program. A series of hiking and biking trails will stretch from the community’s hilltop parks to the shoreline below.
Sales will commence in early 2020 and the first move-ins will take place in 2021. The Agency development group is the exclusive marketing and sales firm for Yerba Buena Island.
“Pricing has not yet been released and retail plans have not yet been announced,” Meany tells GlobeSt.com.
The First District Court of Appeal said the Navy was required to remove all toxic substances including oil, pesticides, asbestos, lead paint and low-level radioactive material from each parcel before transferring the land to developers. An environmental report details the locations of known hazards and the procedures the city and the developers would use for any further cleanups. Certain appropriately marked areas are off-limits to the public due to access limitations, construction activity and ongoing US Navy environmental restoration activity, GlobeSt.com learns.
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