Newsom said the plan would fund thousands of new affordable housing units, the largest parks project since the creation of Golden Gate Park, and area-wide transit improvements without using money from the city's general fund.
"In these very difficult fiscal times, it is more important than ever that we smartly partner with the private sector to help pay for critical public benefits like parks and affordable housing," said Newsom.
He added that the project would provide an economic stimulus for the city and the community of Bayview Hunters Point.
The plan includes at least $100 million in private financing for the construction of a new stadium for the San Francisco 49ers, if the team chooses to build in the shipyard, according to the mayor's office.
The final development agreements for the project are expected to be completed by the end of 2009, according to the mayor's office.