SAN FRANCISCO (KRON) – A long-stalled plan to build a new marina on San Francisco’s Treasure Island has gained momentum with the formation of a partnership that will provide capital for the $25 million project, according to companies involved.
Interest in modernizing and expanding the marinas at Clipper Cove dates back to the 1990s, when the city obtained development rights from the U.S. Navy. Negotiations with the Navy over transportation, environmental review and the COVID-19 pandemic have dragged the project into the present and have yet to begin.
On Wednesday, the company leading the project, Kenwood Investments, announced a partnership with the current marina manager, Suntex Marina Investors, which will provide the funds necessary to start the project by next June.
The new marina will replace 108 slips resting on wooden pilings with 168 wider piers supported by steel pilings wrapped in high-density polyethylene to combat corrosion. The public visitor pier will accommodate about 10 boats, according to planning documents issued by the San Francisco Bay Conservation and Development Commission, which is involved in the permit process.
Boat rental vouchers at the existing marina will have the first opportunity to secure new spaces. About 10% of the vouchers will be reserved for people living on board their ships. Spots will range in size from 45 to 80 feet, according to the developers.
Construction, which begins in June, is expected to take two years. The work can only be carried out between June and November due to environmental restrictions. Treasure Island Enterprises LLC, a subsidiary of Kenwood Investments, secured a 66-year lease in 2019 to rebuild the marina and operate it based on a unanimous vote by the San Francisco Board of Supervisors, shortly before the pandemic derailed its previous timeline for completion.
Questions about paying for the project have been raised over the past year, raising further doubts about the marina’s construction timeline. But at a Treasure Island Development Authority board meeting on Wednesday, Jay Wallace, a representative of Kenwood Investments, said the company’s proposal to partner with Dallas-based Suntex explained how the project would be financed.
Hampus Edsatter, Suntex’s senior investment manager, told the development authority’s board that the company was “honoured” to be a partner in the project. The company said it is the largest marina operator in the country, operating 95 marinas, including 17 in California, four of which are in Oakland. V. Fei Tsen, chairwoman of the development authority’s board, said she looked forward to seeing the project move forward and requested a work schedule that would be convenient for developers.
She said it was important to maintain public access to the marina and expressed hope that the non-profit Treasure Island Sailing Center would be accommodated in the new facility.
While acknowledging that the developers were investing significant money, Fei Tsien said the public also contributes to the marina’s viability.
“The public — we — have invested several hundred million in landside infrastructure that can also make this marina possible,” she said. “We have a beautiful, wonderful park that we are building for you.”
Fei Tsien said the public-private partnership could build new space for businesses, housing, arts and parks. The marina is a key component of the Treasure Island master redevelopment plan. The project calls for the construction of 8,000 new homes, hundreds of thousands of square feet of retail space, and more than 300 acres of open space.
The developers are working to secure building permits for the project and will seek final approval from the development authority in the coming months, according to a spokesperson for the companies.
“This will be an amazing addition to the entertainment features that are an integral part of the plan to make Treasure Island a true treasure in the Gulf,” Darius Anderson, CEO of Kenwood Investments, said in a statement.
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