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An ambitious plan to create a waterfront neighborhood at Alameda Point will go before the City Council for approval Tuesday, the culmination of an effort that city officials say began more than 20 years ago.

The $500 million project, which includes a new ferry terminal, would be built around what's known as the Seaplane Lagoon at the former U.S. Navy base and feature 800 flats, townhouses and condominiums, as well as 600,000 square feet of commercial space. It also calls for 15 acres of parks.

The 68-acre project "represents a first step toward achieving the community's vision of a mixed-use, transit-orientated development at Alameda Point," the city's Jennifer Ott said in a background report for the council.