The Treasure Island Development is a 405-acre (164 ha) major redevelopment project under construction on Treasure Island and parts of Yerba Buena Island in San Francisco Bay between San Francisco and Oakland, within San Francisco city limits. The Treasure Island Development Authority (TIDA) is a nonprofit organization formed to oversee the economic development of the former naval station. Treasure Island's development was set to break ground during mid-2012. However, on April 12, 2013, The San Francisco Chronicle reported that the deal has collapsed, with the Chinese investors from China Development Bank and China Railway Construction Corporation withdrawing from the project. The Treasure Island Project is being developed by a joint venture between Lennar and Kenwood Investments. The development is expected to cost US$1.5 billion.

Treasure Island is an artificial island in the San Francisco Bay, and a neighborhood in the City and County of San Francisco. Built in 1936–37 for the 1939 Golden Gate International Exposition, the island was named by Clyde Milner Vandeburg, part of the Fair's public relation team. Its World's Fair site is a California Historical Landmark. Buildings there have been listed on the National Register of Historic Places, and the historical Naval Station Treasure Island, an auxiliary air facility, are designated in the Geographic Names Information System. Treasure Island is connected to Yerba Buena Island, another auxiliary island of San Francisco, by a causeway, creating access to Interstate 80.