The first phase of the decades-long Treasure Island redevelopment will finally come to an end this fall, with the launch of sales for its first condominium project at 490 Avenue of the Palms, according to information shared exclusively with The Real Deal by Treasure Island Development Group, a partnership between Wilson Meany, Stockbridge Capital Group and Lennar.
The six-story mid-rise building will have 148 waterfront condos that sit along the master planned community’s new Cityside Park, which Wilson Meany’s managing partner, Chris Meany, said would be the island’s “version of a Crissy Field-like waterfront park experience” and is also set to open this fall.
In addition to the direct access to open space, the luxury building has protected waterfront views, creating a “front-row relationship to the Bay and skyline that simply doesn’t exist elsewhere in San Francisco,” Meany said.
Designed in an architectural collaboration with Anne Fougeron and Mark Cavagnero Associates, the condo community is centered around three multistory “portals” that create dramatic view corridors to the Bay and city skyline, according to the developer. Each portal ranges from two to three stories in height. In addition to accentuating views, they also serve as passive lightwells, which will bring daylight and natural ventilation into the center of the building, where there is a landscaped courtyard that opens to both residential terraces and a shared outdoor kitchen and dining area.
Polaris Pacific has been hired as the exclusive sales and marketing partner. Prices will not be shared until closer to the start of sales this fall, with move-ins anticipated in late 2025.
Pacific Polaris Partner Paul Zeger said prices will “reflect the rarity of what’s being offered”: brand new construction along the city’s newest waterfront park, with “one-of-a-kind views that won’t be repeated.”
Given the unique offering, Zeger said establishing a price is not as simple as looking at neighborhood comparables.
“We study all city neighborhoods and waterfront properties across the region to understand buyer preferences, so that the homes are priced competitively with other consumer options,” he said.
Zeger anticipates that buyers for 490 Avenue of the Palms will be varied, given that the building has over 50 unique floor plans, from one-bedrooms to large three-bedroom flats and two-story townhome designs.
“Whether they be young professionals, empty nesters, and even right-sizers from the city, East Bay, Peninsula or Marin, they are drawn to the water, the views, and the amazing lifestyle of Treasure Island,” he said.
Being the first for-sale condo on Treasure Island is “both a blessing of opportunity and a challenge,” Zeger added. “It requires the vision to appreciate what is still forthcoming to the island.”
The new offering also comes during a still-challenging time for the city’s condo market. The inventory of new and resale condos in San Francisco is higher than it was before the pandemic, according to Polaris’ May market report, but has been dropping each year since peaking in 2022.
There were 674 new condos on the market last month, a decrease of nearly one quarter compared to the same time last year, though the median condo price in the city was also down year over year by 3.4 percent to $1.1 million during the three months ending April 30. There were 15 new construction escrows citywide during that time, compared to 43 on average during that period over the last decade.
There is already a condo building on neighboring Yerba Buena Island, which is part of the larger redevelopment of both islands that includes plans for a total of 8,000 new housing units, plus more parks, retail and other commercial buildouts on Treasure Island. Yerba Buena’s condo building, dubbed The Bristol, has closed 72 out of 124 units since launching sales in February 2021, according to Polaris’ May report. The island is also currently selling townhome-style Row Homes with private garages, and The Flats, which are single-level residences.
Meany said he viewed the growing list of for-sale housing options on the two islands as “complementary choices within the larger new neighborhood,” not competition for the same pool of buyers, citing their “distinctly different settings.”
Both have great views, but Yerba Buena Island is a “hillside neighborhood” with a variety of housing options, he said, while 490 Avenue of the Palms “offers a front-row waterfront experience.”
“Each buyer will ultimately be drawn to the setting and lifestyle that best fit their personal vision,” he said.
The new condo community and its adjoining waterfront park mark the official end to phase one of the redevelopment, with a total of 1,000 units built thus far. But as the island “emerges as a new neighborhood, the distinctions of phases blur,” Meany said.
After the fall openings, two more parks are set to open next spring and infrastructure work on phase two, which will bring additional residences, retail and amenities, is ongoing.
“It is incredible what is happening,” Meany said.