The first condominium project on Treasure Island is set to begin sales this fall, marking the conclusion of the initial phase in a redevelopment effort that has spanned decades. The project at 490 Avenue of the Palms was announced exclusively to The Real Deal by Treasure Island Development Group, a partnership between Wilson Meany, Stockbridge Capital Group, and Lennar.
The six-story building will feature 148 waterfront condos adjacent to the new Cityside Park. Chris Meany, managing partner at Wilson Meany, described the park as the island’s “version of a Crissy Field-like waterfront park experience,” with both the park and condo building expected to open this fall.
Meany highlighted that residents will have direct access to open space and protected views: “front-row relationship to the Bay and skyline that simply doesn’t exist elsewhere in San Francisco,” he said.
Designed through collaboration between Anne Fougeron and Mark Cavagnero Associates, the development centers around three multistory “portals” ranging from two to three stories high. These portals are intended to create sightlines toward the Bay and city skyline while serving as lightwells for daylight and ventilation into a central landscaped courtyard with residential terraces and shared outdoor amenities.
Polaris Pacific has been named exclusive sales and marketing partner for the project. Pricing details are expected closer to launch, with move-ins projected for late 2025.
Paul Zeger of Polaris Pacific stated 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.” He added that setting prices requires more than comparing nearby properties: “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.”
The development offers over 50 floor plans including one-bedroom units, large three-bedroom flats, and two-story townhomes. Zeger expects buyers will come from diverse backgrounds: “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.
Zeger acknowledged both opportunity and challenge in being first: “It requires the vision to appreciate what is still forthcoming to the island.”
This launch comes amid ongoing challenges in San Francisco’s condo market. According to Polaris’ May report, new condo inventory in San Francisco remains higher than pre-pandemic levels but has decreased each year since peaking in 2022. In May there were 674 new condos on sale—down nearly 25 percent compared with last year—while median prices dropped by 3.4 percent year-over-year to $1.1 million during a recent three-month period ending April 30. During this time there were only 15 new construction escrows citywide compared with an average of 43 over previous years.
Nearby Yerba Buena Island already features a condo building called The Bristol; since launching sales in February 2021 it has closed on 72 out of its 124 units according to Polaris’ report. Other options currently available include Row Homes with private garages and single-level Flats residences.
Meany considers these offerings complementary rather than competitive due to their different settings: Yerba Buena Island is described as a hillside neighborhood offering various housing types while Treasure Island’s new condos offer “a front-row waterfront experience.” He said: “Each buyer will ultimately be drawn to the setting and lifestyle that best fit their personal vision.”
With about 1,000 units built so far across both islands—including parks—the completion of phase one is marked by these openings. Meany noted that distinctions between phases become less clear as development continues: after this fall’s openings two more parks are planned for next spring along with ongoing infrastructure work for additional residences retail spaces and amenities.
“It is incredible what is happening,” Meany said.
