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The effort to build a waterfront neighborhood at Alameda Point that would feature homes and businesses and offer easy access to public transit reached a milestone Monday, when the Planning Board supported the plan.

City officials hope the $500 million project, which still must receive City Council approval, can serve as a catalyst for other redevelopment at the former U.S. Navy base, especially since it includes about a $100 million investment into the area's aging infrastructure.

"We are trying to create the first piece of Alameda Point," City Planner Andrew Thomas said.

The Planning Board unanimously backed the proposal from Alameda Point Partners after more than two dozen public speakers urged support, with some saying the proposed 800 flats, townhouses and condominiums would help ease the Bay Area's housing crunch.

About 530 units would be rentals and 200 would be designated as affordable.