Posted Dec 17, 2009, 1:56 AM
|
 |
Registered User
|
|
Join Date: Apr 2005
Posts: 655
|
|
Treasure Island: Sold To The Bidder Across The Bay For $55M Plus...
from: http://www.socketsite.com/archives/2....html#comments
Quote:
The Chronicle reports:
Mayor Gavin Newsom struck a deal today with the U.S. Navy to transfer Treasure Island to San Francisco for a $55 million guaranteed payment over several years, plus additional considerations that could make the total deal worth more than $105 million to the federal government.
The plan is for 6,000 homes to be created through private and public financing. Development partners Wilson Meany Sullivan, Lennar Corp. and Kenwood Investments will stake $500 million with the city providing an additional $700 million in bond money financed by property taxes collected once the development is completed. The initial $1.2 billion will pay for the project's infrastructure and some of the proposed housing.
Once again, infrastructure work for the SOM designed development of Treasure Island could start as early as 2011 with the first residences ready for occupancy in 2013 and an Island complete by 2022.
|
__________________
I ♥ Manhattanization
|