This story was updated March 28 to correct the headline and the number of homes completed to date.
The final batch of new homes are about to come online on Yerba Buena Island, a rocky outcropping in the middle of San Francisco Bay that serves as a more private, high-end residential neighbor to Treasure Island.
Treasure Island was built in the 1930s for a World’s Fair and have since aimed to serve as a model for how to build badly needed sustainable housing at a variety of income levels in one of the world’s most expensive cities. Yerba Buena touts a more single-family focus with open spaces, while Treasure Island prioritizes urban density to serve a more diverse renter and owner base.
Wilson Meany, the developer spearheading the massive redevelopment project along with Stockbridge Capital Group and Lennar, has finished building 155 homes on Yerba Buena Island, 0.9 square miles divided by a tunnel containing the San Francisco-Oakland Bay Bridge.
Of those, the final 14 high-end homes are about to hit the market. Sales are set to begin at The Flats, including 14 “estate-sized” single-level homes positioned at the highest point of the hilly island and featuring sweeping panoramic bay views. The three- and four-bedroom homes start at around $3 million.
Developers ultimately want to transform both islands with 8,000 new homes, 300 acres of parks and a mix of retail and office space, satisfying about 10% of San Francisco’s goal of building 82,000 homes by 2031 as part of its plan to meet state-mandated requirements to help address California’s housing shortage and affordability crisis.
More than a quarter — 2,000 units — of the total new housing on the islands is slated to be reserved for individuals making less than 80% of the area median income, a tall order in the supply-strapped San Francisco Bay Area, where CoStar data shows rents have begun to climb again after dipping in the post-COVID-19 pandemic years, when many people left the region, spurred by remote work and rising prices.
“We have housing for the formerly homeless at Treasure Island, and we also have homes that are some of the most expensive in the Bay Area,” said Chris Meany, a managing partner at Wilson Meany and co-CEO of Treasure Island Community Development.
Residences promise 'unparalleled privacy and exclusivity'
The Flats are clearly in the latter category, with such amenities catering to the wealthy such as access to a private membership club and a state-of-the-art fitness center. A press release boasts that the residences offer “unparalleled privacy and exclusivity,” with floor plans ranging from about 2,500 to 4,200 square feet, as well as floor-to-ceiling windows and marble fireplaces.
The Row Homes — another luxury development on Yerba Buena Island that developers have likened to homes in San Francisco’s elegant Presidio Heights neighborhood — came online earlier this year, with some units priced as high as $12 million, according to local reports.
According to Wilson Meany, about half the units have sold to date in that development and The Bristol, a condominium project that was one of the earliest to come online on either of the islands. It hit the market in 2020 and initially registered sluggish sales, given the onset of the pandemic and rising interest rates.
By most accounts, that is starting to change, as rents bounce back up in the Bay Area and more services have come online on neighboring Treasure Island, which connects to Yerba Buena via a causeway. The former now features multiple parks and a handful of upscale restaurants, as well as a brewery, a pickleball court, a yacht harbor and the small Treasure Island Museum, where visitors can learn about the island's history. Regular ferry service began running to downtown San Francisco in 2022.
“You can get to your job faster from here than if you lived in Pacific Heights,” said Meany, referencing an iconic San Francisco neighborhood known for its stately old-money mansions, “but here you can still go kayaking in the morning right out your front door.”
The new housing on Treasure Island aims to ultimately create a dense, mixed-use community of multifamily housing across “three compact neighborhoods oriented around public transportation and open space,” according to the project description. Apartment buildings such as Maceo May and Star View Court prioritize affordable housing, while Isle House is a 22-story luxury apartment tower.
On the other hand, the plan aims to preserve three quarters of Yerba Buena Island — previously called Goat Island and Sea Bird Island — for open space. With its hilly terrain, the developers hope their upscale community there captures the feeling of a “seaside European village,” Tim Slattery, a partner at architecture and design firm Hart Howerton, said in a press release.
Last spring, then-mayor London Breed heralded the opening of Panorama Park, featuring 360-degree views of the Bay Area from the highest point on Yerba Buena Island. The park’s highlight is the 69-foot Point of Infinity sculpture by Hiroshi Sugimoto.
Signal Point Park offers views of the Golden Gate Bridge and Alcatraz, while The Rocks Dog Park offers an off-leash exercise run, and Clipper Cove is a sandy beachfront for paddleboarding, kayaking and swimming in the bay.