SOUTH SAN FRANCISCO -- A development group based in China has bought a large waterfront site here that it intends to transform into a billion-dollar research and development complex, the builders said Thursday.
Through a partnership, Greenland USA has acquired a 42-acre property on South San Francisco's Oyster Point, where it plans to build a 2.25-million-square-foot project catering to life sciences firms.
"The San Francisco Bay Area is known globally for its leadership in innovation, and we're proud to bring Greenland's expertise and vision for transformative properties to the area," said Yuliang Zhang, chairman of Greenland Group, parent company of Greenland USA. Greenland Group is based in Shanghai, according to the firm's online site.
The new ferry terminal at Oyster Point Marina in South San Francisco, Calif., on Thursday, May 31, 2012.
The new ferry terminal at Oyster Point Marina in South San Francisco, Calif., on Thursday, May 31, 2012. (John Green/Bay Area News Group Archives)
The development group plans to spend $1 billion to build out the property.
Development of the property will be completed in phases. The first phase will consist of about 500,000 square feet. Construction is scheduled to begin by mid-2018, after an array of infrastructure improvements are finished.
A joint venture of Greenland USA, Ping An Trust, Agile Group and Poly Sino Capital purchased the property, the developers said.
Greenland USA also has embarked on ambitious development ventures in Southern California and New York City. The company invested $1 billion in the Metropolis project in Los Angeles and $6 billion in the Pacific Park Brooklyn complex in New York, the company said.
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"The development of Oyster Point presents tremendous opportunity for the South San Francisco community," Mayor Mark Addiego said in a prepared release. "Greenland USA has approached it with the vision, expertise and energy needed to bring it to fruition."
Contact George Avalos at 408-859-5167. Follow him at Twitter.com/georgeavalos.