Client:

Treasure Island Community Development LLC, a partnership of Lennar and Wilson Meany.

Project:

The Treasure Island/Yerba Buena Island redevelopment project will feature 8,000 new homes, including townhomes and mid-rise to high-rise buildings, three hotels, mixed-use retail and commercial spaces, and over 300 acres of public parks, open spaces and trails for bicycles and pedestrians.

Challenge:

We represent the developer of the Treasure Island/Yerba Buena Island project in developing and implementing a strategy for subdividing and conveying remediated property from the U.S. Navy to the Treasure Island Development Authority and then to our client, Treasure Island Community Development, for development of this highly sustainable, transit-oriented development.

Project challenges include the following:

• Reconfiguring the public trust across the island to maximize developable areas while permanently preserving shoreline and recreational areas in public trust for maritime uses.
• Subdividing and conveying property from the U.S. Navy to the local reuse authority and then to our client to establish development parcels for the phased development of the project over the next 20 years.

Solution:

Perkins Coie is helping our client address its development challenges.

Property on the island will be conveyed to the California State Lands Commission so that the public trust, which limits uses to those that will beneficially connect the public to the water, may be reconfigured to optimize public Bayfront access and enjoyment, while also facilitating redevelopment. Lands are conveyed to the commission and then are granted back to the local reuse authority with the public trust impressed on new areas and cleansed from others.

The local reuse authority will then convey property in phases to our client, Treasure Island Community Development, following our submittal of phased applications illustrating the range of housing, infrastructure and public benefits that we propose to deliver within each phase.

Twenty-five percent of the housing on the island will be delivered at below-market rates to individuals in a range of income levels. The land use program also includes the adaptive reuse of multiple historic buildings listed on the National Register of Historic Places as either individually historic or as contributors to a National Historic District.

The first transfer of land from the U.S. Navy to the local reuse authority was completed in May 2015. Public trust reconfigurations and conveyances to Treasure Island Community Development LLC, commenced in late 2015 and will continue throughout the 20-year development horizon of the project.