A state Superior Court judge has rejected a challenge to the Treasure Island environmental impact report, the latest in a series of developments that make it more likely that a massive 8,000-unit redevelopment project will be realized there.
In the decision, the court ruled that EIR, which is required under the California Environmental Quality Act, adequately evaluated the impact the project would have on traffic, public safety, shadows, historic resources, tidelands, hazardous materials and other areas. The Treasure Island plan was unanimously approved by the San Francisco Board of Supervisors in June 2011.
The court decision stated that the EIR presented “sufficient analysis to intelligently consider the environmental consequences of a project” and gave a “sufficient degree of analysis to provide decision makers with information which enables them to make a decision.”
The court decision comes a week after the loan committee of the China Development Bank approved a $1.7 billion loan to build new neighborhoods and upward of 20,000 units of housing on the Hunters Point Shipyard, Candlestick Point and Treasure Island.
The agreement, confirmed by sources familiar with the negotiations, is a crucial step in longstanding plans to build new neighborhoods on the two mothballed San Francisco military facilities, which represent San Francisco’s largest development opportunities.
The loan will provide $1 billion for Hunters Point Shipyard, where the first 1,400 homes could be under construction by the first quarter of next year. Treasure Island, which is at least a year behind the Hunters Point project, will get $700 million.
Lennar is the managing developer of the Hunters Point project. On Treasure Island, Lennar is in a 50/50 partnership with Wilson Meany, Kenwood Investments, and Stockbridge Capital Group.
"We are not surprised by the ruling," said Chris Meany of Wilson Meany. "We spent a lot of time, effort and money to ensure this EIR was thorough and exhaustive. It’s unfortunate that more time and money had to be spent in a courtroom."
Kofi Bonner, president of Lennar Urban, said he was "pleased to have this challenge behind us."
"It’s unfortunate that taxpayer resources had to be used to litigate a challenge that was unanimously approved by our elected leaders," Bonner said.