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Treasure Island & Yerba Buena Island, SF: Homes & Real Estate Guide

By Matthew Martinez, Founder, CEO & Managing Broker, Diamond Real Estate Group. California DRE #01869679.

Treasure Island and Yerba Buena Island are the two San Francisco islands at the middle of the Bay Bridge, now being rebuilt under a plan for up to 8,000 homes on the former Naval Station Treasure Island. The MLS lists them together as subdistrict 9I. The 2025 roll shows only about 145 condominium units there so far, with a median build year of 2022, alongside government-owned parcels.

Buying here is not like buying anywhere else in the city. Land comes from the Navy through a local authority, part of it is held in a state public trust, a master developer builds the infrastructure, and the ground itself has been reengineered for earthquakes and rising water. Each of those layers shows up in the documents a buyer should read.

Treasure Island homes for sale

Treasure Island market report

Two islands, two very different sites

Yerba Buena Island is a natural, rocky island with military use dating to 1866; the Navy ran its first West Coast training station there until 1923. Treasure Island is man-made: it was built in 1936 and 1937 from dredged bay sediments, inside perimeter rock walls, for the 1939–1940 Golden Gate International Exposition. Wikipedia puts it at about 400 acres, with roughly 23 feet of dredged sand filling the interior.

The Navy took Treasure Island by condemnation in 1942, and Naval Station Treasure Island closed on September 30, 1997, under the base realignment and closure (BRAC) program. The islands are part of San Francisco and of Supervisor District 6.

Who controls the islands: TIDA and the developer

The Treasure Island Development Authority (TIDA), recognized in state law by the Treasure Island Conversion Act of 1997, receives the former base from the Navy and holds the state’s trust grant for the islands. Its board meets monthly. Development itself is led by Treasure Island Community Development, LLC (TICD), a private master developer, under a Development Agreement and a Disposition and Development Agreement approved in 2011.

Planning lists the governing documents as the Environmental Impact Report, the Design for Development (most recently adopted in 2024), the Parks and Open Space Plan, the Treasure Island Transportation Implementation Plan and the Infrastructure Plan. On Planning’s map, both islands fall within the Treasure Island/Yerba Buena Island special use district, with island-specific zoning districts such as Treasure Island Residential, Treasure Island Mixed Use, Yerba Buena Island Residential and open space districts.

The program is phased:

Phase	Planned build-out
Major Phase 1	2018–2027 (approved by the TIDA board in May 2015)
Major Phase 2	2028–2035
Major Phase 3	2031–2041
Major Phase 4	2034–2041

Planning describes about 27% of the homes as affordable or below market rate, and Major Phase 1 alone includes about 103.6 acres of parks and open space, 72.4 of them on Yerba Buena Island.

Navy transfers and environmental cleanup

As of December 2020, the Navy reported transferring about 866 acres of the islands and surrounding submerged land to TIDA, with about 129 acres still held while cleanup is completed. Other federal agencies received parcels too: the Department of Labor about 36 acres for a Job Corps campus, the Coast Guard land on Yerba Buena Island, and the Federal Highway Administration about 23 acres for the new Bay Bridge.

The cleanup runs under the federal CERCLA process, with California’s Department of Toxic Substances Control and Department of Public Health reviewing work plans, scans and data. In a February 2019 article, the Navy said the entire Treasure Island footprint was evaluated for radiological contamination, that radiation in accessible areas is consistent with Bay Area background levels, and that areas still under investigation are fenced off.

The history is not uncontroversial. Wikipedia notes that contractors had removed 16,000 cubic yards of contaminated soil by December 2010 and that cesium-137 readings found in April 2013 were three times higher than previously recorded. A buyer should read the Navy’s documents for the parcel, the Restoration Advisory Board materials and the seller’s disclosures rather than rely on summaries, including this one.

Trust lands, ground leases and fee ownership

Ownership here needs to be confirmed parcel by parcel, not assumed. After the base closed, the state granted its sovereign interests in the former base lands to TIDA in trust. The Treasure Island Public Trust Exchange Act of 2004 allowed a land swap, and on October 14, 2014 the State Lands Commission approved the title settlement and land exchange. Its staff report describes about 150 acres of filled land on Treasure Island leaving the public trust, while about 850 acres, including tidelands and submerged land, are held in the trust.

Without that exchange, the Commission’s staff noted, interior Treasure Island land could not generally be used for housing. Trust lands are kept for trust uses, such as the shoreline path, the ferry terminal and plaza, a marina, parks and visitor-serving commercial space.

Some housing sits on land TIDA keeps. TIDA’s January 2023 option to lease part of Parcel E1.2 to Mercy Housing California, for up to 115 affordable homes, provides for a 99-year ground lease: TIDA keeps fee title to the land, the developer owns the building during the term, and the building passes to TIDA when the lease ends. That document covers one affordable parcel. We did not find a public statement of how market-rate buildings’ land is held, so do not assume fee ownership: ask for the preliminary title report and confirm whether a unit is fee simple or leasehold before you write an offer.

This is general information, not legal advice. A California real estate attorney and a title officer should review the vesting and any recorded environmental restrictions for a specific unit.

Ground improvement and sea level rise design

Planning’s map puts the center of Treasure Island inside the state liquefaction zone. A point on Yerba Buena Island’s residential area returned no liquefaction or landslide zone.

According to reporting by the San Francisco Public Press, published by KQED, the developer’s engineers compacted the fill by dropping heavy weights, drove vibrating probes filled with concrete, piled about a million cubic yards of soil on the ground and installed wick drains. They raised the roughly 100-acre development pad to 3 feet 6 inches above FEMA’s base flood elevation, designed for about 3 feet of sea level rise by around 2075, and set buildings back 200 to 300 feet from most shorelines.

The same reporting says the perimeter wall can be raised another 1 to 3 feet, with a 1-foot rise by 2043 named as the trigger for planning that work, and that state regulators asked for a more conservative scenario. FEMA’s 2021 map includes VE and AE coastal flood zones within the islands’ map area, while the center point we checked is in unshaded Zone X, so check the specific parcel. Our hazard maps guide explains both layers.

Homes, HOAs and special taxes

The developer’s site lists the first buildings. On Treasure Island they are rentals: Isle House, a 22-story tower; Hawkins; and 490 Avenue of the Palms. The for-sale homes so far are on Yerba Buena Island: The Bristol condominiums, The Flats and The Row Homes, which the developer describes as three-story single-family homes. Affordable buildings include Maceo May, with 105 apartments and described as the first new residential building, and Star View Court, with 138 apartments on TIDA-owned land.

For-sale homes come with an association. Ask for the CC&Rs and budgets of every association that applies, whether a building association, a master association or both, and for the reserve study; our San Francisco condo guide lists the rest. New condo buildings must have their first balcony and deck inspection within six years of the certificate of occupancy under Civil Code Section 5551, when the permit application was filed in 2020 or later.

Expect more than the base property tax rate. A 2017 draft of the city’s resolution of intention describes Community Facilities District No. 2016-1 (Treasure Island), which can finance roads, utilities, parks, the ferry terminal and future sea level rise adaptations at the island perimeter, and refers to special taxes on parcels in private residential use. Ask for the current tax bill and the CFD disclosure before comparing monthly costs with a South Beach condo.

Ferry, bus and bridge access

Ferry: daily service to the San Francisco Ferry Building began March 1, 2022 from the terminal at Treasure Island Road and California Avenue. The developer’s page lists an average trip of eight minutes, seven-day service and a $5 fare.
Bus: per published route lists, the 25 Treasure Island runs between the Salesforce Transit Center and Avenue H and 13th Street.
Driving: by car, the islands are reached from the Bay Bridge (Interstate 80) by way of Yerba Buena Island.

Transportation is governed by the Treasure Island Transportation Implementation Plan, one of the project documents, so check current parking rules and any charges before you buy a unit for its garage space.

Selling a home on Treasure Island or Yerba Buena Island

A resale here competes with new units from the developer and with condos across the bay in SoMa and Mission Bay. Buyers will want answers on tenure, taxes and environmental history early.

Order a preliminary title report and confirm vesting, any ground lease and any recorded environmental restrictions.
Gather the tax bill and CFD disclosure so buyers can see total carrying cost.
Assemble every association’s documents, including budgets, reserve studies and inspection reports.
Provide hazard and Navy materials: the Natural Hazard Disclosure report, the flood zone and the relevant Navy cleanup documents; our NHD guide explains the report.
Check BMR status: below-market units resell under program rules; see our BMR homes guide.
Prepare the city items on our San Francisco selling requirements page.

Diamond may refer you to partners we work with; you’re free to choose any provider. The market report on this page shows recent 9I sales.

Questions people ask

Who runs Treasure Island?

The Treasure Island Development Authority (TIDA), a public authority, holds and manages the land, while Treasure Island Community Development (TICD) leads construction under 2011 development agreements.

Can you buy a home on Treasure Island?

So far the for-sale homes listed by the developer are on Yerba Buena Island; the new Treasure Island buildings are rentals or affordable housing. Check the developer’s current offerings, which change as phases open.

Is the land on Treasure Island leased?

Some of it. TIDA’s 2023 option for one affordable parcel (E1.2) provides for a 99-year ground lease with TIDA keeping fee title, and public trust lands are held for trust uses. How market-rate units are held was not publicly confirmed, so check the title report for any unit.

Has the Navy finished cleaning up Treasure Island?

Not entirely. As of December 2020 the Navy reported about 129 acres still to transfer to TIDA as cleanup is completed, with regulators reviewing the work.

How is Treasure Island dealing with sea level rise?

The development pad has been raised 3 feet 6 inches above FEMA’s base flood elevation, buildings are set back from most shorelines, and the perimeter is designed to be raised later, according to KQED and the San Francisco Public Press.

Is Treasure Island in a liquefaction zone?

Yes, the point we checked on Treasure Island is inside the state liquefaction zone, and the fill has been compacted and stabilized for the new development. The Yerba Buena Island point was not.

How long is the ferry ride to San Francisco?

The developer’s page gives an average of about eight minutes to the Ferry Building, with daily service since March 2022.

Buying or selling on the islands turns on documents: vesting, the special tax, the association budgets and the Navy record. Contact us to go through them for a specific unit, or compare Mission Bay or Yerba Buena, or return to the SF District 9 overview and our San Francisco guide.

Sources & notes

Last reviewed October 2026 by Matthew Martinez.