December 12, 2012
$1.7 Billion Approved For Hunters Point/Treasure Island Development
The China Development Bank has approved a $1.7 billion loan to finance the development of the Hunters Point Shipyard, Candlestick Point and Treasure Island, developments which represent nearly 20,000 new homes in San Francisco's housing pipeline.
From the Business Times with respect to the timing and deal:
The loan will provide $1 billion for Hunters Point Shipyard, where the first 1,400 homes could be under construction by the first quarter of next year. Treasure Island, which is at least a year behind the Hunters Point project, will get $700 million.
Lennar is the managing developer of the Hunters Point project. On Treasure Island, Lennar is in a 50/50 partnership with Wilson Meany, Kenwood Investments, and Stockbridge Capital Group.
While the deal is not complete, both sides have incentives to wrap it up before Dec. 31 in order to avoid the Foreign Account Tax Compliance Act, which starting in 2013 will require foreign financial institutions to enter into disclosure compliance agreements with the U.S. Treasury.
∙ China Development Bank approves $1.7B loan for Hunters Point, Treasure Island [SFBT]
∙ Turning To China For Capital To Kick-Start Developments In SF [SocketSite]
∙ Hunters Point Redevelopment Plan For 10,500 New Units Approved! [SocketSite]
∙ Treasure Island Redevelopment Plans Approved! (Appeal Rejected) [SocketSite]
∙ San Francisco's Housing Pipeline: 4,200 New Units On The Way [SocketSite]
First Published: December 12, 2012 12:00 AM
Comments from "Plugged In" Readers
Sure, let's rush it through. Nothing is going to happen on TI until it's cleaned up. In all three cases, however, I would like to see public transit enhanced beyond running a ferry to and from TI.
Posted by: Mark at December 12, 2012 1:32 PM
Mark, what are you proposing? A regular ferry would be the best way to provide transit for TI. The only other option is buses on the bridge, and there are obviously big commute hour problems with that solution.
Posted by: curmudgeon at December 12, 2012 2:48 PM
Convert the bridge's lower deck back to rail transit. That would increase thruput at least 3X and eliminate congestion.
... but we have to want to solve the real problem.
Posted by: The Milkshake of Despair at December 12, 2012 3:33 PM
There is a much cheaper possibility: an actual congestion toll.
Posted by: Alai at December 12, 2012 4:18 PM
^^^ I would strongly support such a move, but last I heard the new eastern span is being built without the capability to run rail traffic.
Posted by: lyqwyd at December 12, 2012 4:24 PM
How about a Gondola?
Posted by: BPM at December 13, 2012 12:17 PM
Gondola? What a far fetched idea. Hovercraft is far more practical. Or well trained schools of dolphin.
Posted by: no_ vally at December 13, 2012 12:37 PM
Due to the distance from the Embarcadero to the island, and the clearance required so as not to distrupt shipping, the towers for a gondola would likely need to be so high as to make it infeasible. Would be a great view though in a city that loves its views.
Posted by: emanon at December 13, 2012 3:10 PM
Yeah but are these places in the real SF or not?
Posted by: 48yo hipster at December 14, 2012 2:19 PM
Treasure Island and Hunter's Point in their current state are definitely sureal SF.
Posted by: The Milkshake of Despair at December 14, 2012 2:24 PM
As far as the gondola goes, it would have to be as tall as the Bay Bridge. Maybe a little bit lower, if there was a way to suspend operations to increase clearance when there is an exceptionally tall ship moving through.
Posted by: Alai at December 14, 2012 6:07 PM
Posted by: SocketSite at April 11, 2013 3:27 PM