2011 to Top Deal Charts, While Developers Foresee Gold in 2012 Treasure Island Housing Project
- Jun 20, 2011
San Francisco has had its fair share of great news this past week with a series of encouraging statistics as well as bold plans for future housing solutions in the Bay Area.
The week shot off with some impressive statistics posted by The San Francisco Business Times that found that this year is set to outrank all but the peak of the real estate bubble in 2007, with a predicted $4 billion in real estate deals by the end of the current year.
Up until now, closed deals have totaled around $1 billion, while another $500 million worth is currently in contract to sell and $800 million is available on the market. These numbers suggest San Francisco real estate is set on making a real impact with the amount of real estate it’s set to trade by the end of 2011.
More specifically, an important neighborhood development was approved by the city of San Francisco. The proposed community will be located on Treasure Island, in the middle of San Francisco Bay. The site of the former Navy Base would be subjected to a whopping $1.5 billion makeover, which is set to turn the old facility into a vibrant new neighborhood that would be part of San Francisco. A San Francisco Chronicle report on the news-making project listed an intention by developers Wilson Meany Sullivan, Lenner Urban and Kenwood Investments wish to break ground in 2012.
The massive project is to take place over the next 20 to 30 years and will shape the island into an energy-saving, clean-technology neighborhood. The controversial project was narrowly approved by the Planning Commission in April, according to the Chronicle story, after certain cuts were made regarding the number of affordable-housing units. The 19,000 planned housing units will be within walking distance of retail units, a school and a brand-new ferry terminal.