Two new amenity-rich developments—Yerba Buena Island and Treasure Island—are redefining the luxury housing market in San Francisco, a space-limited city that has a reputation for making it exceedingly difficult to get projects approved.
A mile from downtown San Francisco, Yerba Buena Island and neighboring Treasure Island are the largest new development sites in the city. Decades in the making, the two-island, 500-acre development will have 8,000 houses, 1,000 of which are coming on the market over the next year.
The two developments “provide a lifestyle unlike anything else in the city, with nature, waterfront views, outdoor life and home combined all in one location,” said Krysen Heathwood, senior managing director, Western region, Compass Development Marketing Group. “There isn’t another offering like it in San Francisco.”
The dual developments place a priority on resort-style technologies and amenities, indoor-outdoor spaces and luxury experiences.
Yerba Buena Island, which is nearly 50% complete, has applied for LEED Platinum certification. The island’s 72 acres of open space include several original Coast Guard houses and the 25-foot octagonal Yerba Buena Lighthouse tower, which is still operational.
Social life will center around the Island Club, a 10,000-square-foot venue for residents and guests that, when completed, will have a roster of weekly events. Other features will have an outdoor lounge, a terrace, an outdoor fireplace, a swimming pool, a fitness center, a sauna, a library lounge, a private dining room with a catering kitchen and a guest room with a lounge and bar.
Although sales at Treasure Island have not launched, the development is underway, with the first phase expected to be completed near the end of this year and the remainder coming to market over the next decade or so.
“While there are other developments in the pipeline in San Francisco, these two new neighborhoods will offer the majority of the new housing delivered in the coming years,” said Chris Meany, the managing partner of Wilson Meany, the developer of Yerba Buena Island in partnership with Stockbridge Capital Group. Meany is also CEO of Treasure Island Community Development, the Wilson Meany-Stockbridge Capital Group-Lennar Corp. partnership that is the master developer of Treasure Island.
Reached via ferry or the Bay Bridge, Yerba Buena Island has three types of residences that are being sold in phases; here are the latest updates on them as well as on the Napa Valley’s Stanly Ranch Residences, Auberge Resorts Collection.
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