The City of San Francisco has secured a deal with the U.S. Navy to purchase Treasure Island, a man-made island in the middle of San Francisco Bay. The city has broad plans to redevelop the site.
"The agreement paves the way for the city to undertake one of its most ambitious development projects - remaking the closed naval base on a man-made island in the middle of San Francisco Bay into a model of sustainable development.
'We can finally begin the hard work of making sure the city's grand vision for Treasure Island can be realized,' Newsom said in a statement announcing the deal with Secretary of the Navy Ray Mabus."
Treasure Island was built in the 1930s for the Golden Gate International Exposition and was later turned into a Naval base. The City has agreed to a $55 million guaranteed payment over the course of several years. The full cost could total about $105 million.
FULL STORY: City to get Treasure Island for $105 million
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