SAN FRANCISCO—On Saturday, May 11, the Mayor of San Francisco, Board of Supervisor Matt Dorsey, City Administrator Carmen Chu, city leaders, neighbor and community stakeholders today celebrated the grand opening of San Francisco’s newest public park, Panorama Park, which opened on Yerba Buena Island with 360 views in the middle of San Francisco Bay.
According to a news release from the Mayor’s Office, Panorama Park is part of the revitalization of the former naval base at Treasure Island and Yerba Buena Island that, at build-out, will feature 8,000 new homes; 300 acres of new parks, trails, and open space; new restaurants and shops; a school and library; and world-class public art installations.
The park offers unrivaled 360-degree views of the Bay Area 69-foot-high Point of Infinity sculpture, installed late 2023 by world-renowned artist Hiroshi Sugimoto.
New legislation was signed by the Mayor on May 10, co-sponsored by Supervisor Dorsey, and unanimously approved by the SF Board of Supervisors, that provides new financing tools for the Treasure Island project. This will allow for the timely completion of the next phase of infrastructure that includes 1,300 more residences – 250 of which will be affordable – and a variety of public amenities.
“We are in the midst of seeing unprecedented investments being made on Yerba Buena and Treasure Islands. Beautiful Panorama Park is the latest addition to this neighborhood and most surely will be amongst the City’s most scenic and iconic sites,” said City Administrator Carmen Chu. “San Francisco’s constellation of parks and open space, trails, public art, festivals and activations draw people from near and far to our City. I thank the dedicated team at the Treasure Island Development Authority and our partners at Treasure Island Community Development for their continued commitment and for turning plans into reality.”
“Panorama Park, with its spectacular views and soaring Point of Infinity sculpture, is destined to be loved by San Franciscans and all who come to the island. It is the first of what will eventually be a network of 300 acres of public open space, parks, and sustainable wetlands, accessible by bicycle paths and walking trails. Our intention is to create an experience that marries art with nature,” said Treasure Island Development Authority (TIDA) Board of Directors President Fei Tsen. TIDA is the City’s public benefit agency dedicated to the economic development of Treasure Island. It also administers vital municipal services to Treasure and Yerba Buena Islands.
“Panorama Park and the development as a whole are great examples of how visionary thinking can be transformative,” said Treasure Island Community Development Co-CEO Chris Meany, the master developer for Treasure Island. “It’s exciting to celebrate this milestone and the momentum of what’s becoming an incredible new neighborhood.”
Signed into law May 10 by the Mayor of San Francisco, legislation is designed to ensure the momentum continues through a Stage 2, which involves:
-Maintaining the existing public benefits package that was approved in 2011
-Maintaining the affordable housing requirement (27.2 percent)
-Updating sections of the disposition and development agreement (DDA) that don’t align with the project’s current schedule and don’t align with other, more recent development agreements in the City
-Accelerating Treasure Island-generated tax revenues to finance the project through current economic conditions
-Deferring costs where possible to improve near-term financial feasibility
-Accelerating permit review processes and other City-driven deliverables
In addition to Panorama Park, several other parks are completed or under construction on Yerba Buena Island and Treasure Island.
Adjacent to Panorama Park on Yerba Buena Island, and open to the public are Signal Point, The Rocks Dog Park, and Buckeye Grove.
