Client: Wilson Meany Sullivan and Lennar Homes, San Francisco
Project: Development Finance
NHA Advisors is working with Wilson Meany Sullivan and Lennar to develop a public financing plan for the redevelopment of the former naval base on Treasure Island in the San Francisco Bay. The financing plan incorporates an innovative threshold for minimum return on equity to the developers before incurring an obligation to fund certain public benefit projects. The financing plan also requires funding for one of the largest geotechnical remediation projects undertaken in California, raising the elevation of most of the island by three feet. Responding to the challenge of finding ways to fund this work provides a template for addressing a potential long term problem for much of California – how to respond to potentially rising sea levels as a result of global warming.
The demise of redevelopment in California has added another challenge for this project. This new challenge has the property owner and the City and County of San Francisco focused on other infrastructure financing strategies to continue the work on the project. The concept of an infrastructure financing district is being investigated and may be one of the first ever done in California.Email for More Information