Another $92 million in federal funding has been allocated toward the cleanup of the former Naval shipyard at San Francisco’s Hunters Point, the mayor’s office said.

A total of $714.2 million has been appropriated by the U.S. Congress since 1991 to clean up the 900-acre site–contaminated by toxic metals and petroleum waste–in preparation for an expansive redevelopment project that includes homes, public parks and commercial space.

Mayor Gavin Newsom said in a prepared statement Thursday that the money would “bring new life and opportunity to one of our most at-risk neighborhoods.”

Newsom has touted the redevelopment project as a means to transform the economy of the Bayview-Hunters Point area, claiming the 16-year project will bring 1,500 temporary construction jobs per year and 10,700 permanent jobs to the community.

Approximately 10,500 residential units are planned for the site, as well as 2.6 million square feet of commercial light industrial, research and development, and office space; 336 acres of public parks, open spaces, trails and plazas; 885,000 square feet of retail space; and 225,000 square feet of space for local artists.

A new United Nations climate change and green technology center has also been proposed for the area.

Cleanup and transfer of most of the remaining parcels is expected to be completed by 2013, the mayor’s office said.

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