SAN FRANCISCO, CA — San Francisco city and county leaders held a ribbon-cutting ceremony on Saturday for a new park on Yerba Buena Island with 360-degree views of the Bay.

Panorama Park, located at the island’s highest point, opened to the public in March.

Mayor London Breed, Supervisor Matt Dorsey, City Administrator Carmen Chu and others gathered there a day after legislation was signed on Friday that secured further support for a buildout of the island and Treasure Island that will ultimately include 8,000 new homes and 300 acres of public open space, Breed said in a press release.

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The park includes a 69-foot-tall sculpture called Point of Infinity by artist Hiroshi Sugimoto that was installed last year.

Breed said the elevated site would showcase the Bay Area’s most spectacular sites.

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“San Francisco is home to the best parks and open spaces in the world and Panorama Park, with its spectacular views and world-class art installation, is a clear indication that the transformation of Treasure Island and Yerba Buena Island is well underway,” Breed said.

Dorsey co-sponsored the legislation signed on Friday that launched the next phase of the project, Treasure Island Stage 2, which calls for 1,300 residential units to be built, with 250 of them designated affordable housing.

The legislation was unanimously approved by the San Francisco County Board of Supervisors and includes expediting permit reviews and other city processes, maintains a public benefit package approved in 2011, maintains the 27.2% affordable housing requirement, and defers some costs. It also accelerates tax-collection from Treasure Island to pay for the project and makes updates the development agreement to align with the current schedule.

“Standing here with views that are the envy of the world allows us to dream and to see dreams of a new neighborhood coming true,” Dorsey said. “Projects like this will help meet our housing goals and I am inspired to see how it is already making a difference in people’s lives.”

Panorama Park’s design was led by Bay Area architect Walter J. Hood of Hood Design Studio. The park includes a winding elevated staircase, grassy areas with blooming glowers, and an overlook adorned with Monterey Cypress trees.

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