Cleanup crews spent several weeks cleaning the island 's coast from the 2007 Cosco Busan oil spill just a few hundred yards from Treasure Island , and the Navy sold the island to the city for $ 108 million as part of a redevelopment project . The Federal government still maintains an active presence on occupied by the United States Department of Labor Job Corps ( not part of the redevelopment ) . The Job Corps moved in and took over and 13 building facilities just after the US Navy vacated the island . The Administration Building ( Bldg. 1 ) and Hall of Transportation ( Bldg. 2 ) were listed in the National Register of Historic Places in 2008 . On June 8 , 2011 , the San Francisco Board of Supervisors approved new neighborhood development for 19,000 people over the next 20 – 30 years by Wilson Meany Sullivan , Lennar Urban , and Kenwood Investments . The 2012 – 2014 US$ 1.5 billion Treasure Island Development project for up to 8,000 new residences , of new commercial and retail space , of new office space , 3 hotels , new Fire station and of parks . The island 's gas station pumps and canopy were also removed ( the island has a high risk of soil liquefaction and tsunami damage in an earthquake ) . All island natural gas , electricity , sewer and water utilities are serviced by the San Francisco Public Utilities Commission
Cosco Busan oil spill
Cosco Busan oil spill
Treasure Island, San Francisco