An expansive residential development project in San Pedro nearly 10 years in the making gained final city approval today.

The Los Angeles City Council voted unanimously to allow SFI Bridgeview, an affiliate of New York firm iStar Financial, to move forward with plans for Ponte Vista, a community that will have 676 single-family homes, townhomes and stacked flats.

Bridgeview acquired the 61-acre property in 2010, after L.A. developer Robert Bisno lost control of the property and filed for Chapter 11 bankruptcy protection in 2009. Bisno, who bought the former Navy property in 2004, originally proposed building a much larger 2,300-unit mixed-use urban village.

Bridgeview agreed to make certain infrastructure improvements to the area as it develops the community. For example, the developer will create a 2.4-acre public park, make streetscape improvements along nearby Western Avenue and pave an access road from the community to nearby Mary Star High School.

Councilman Joe Buscaino, who represents San Pedro and surrounding communities, said he’s confident the plans for the property will turn around the dilapidated area.

“I believe that this long range development plan will transform an abandoned naval housing site and current eye sore into a thriving residential neighborhood that will provide new housing stock that is appropriate for my proud coastal community,” he said in a statement.