(August 26, 2016)
Chinese Developer Greenland Group buys 42 acres in South San Francisco -BuzzBuzzNews
Chinese state-owned developer Greenland Group announced last week that it has purchased a 42-acre parcel of land called The Landing in South San Francisco’s Oyster Point.
South San Francisco is home to “the largest biotech cluster in the world,” and Greenland Group’s plan is to turn its new property into a huge 2.25-million-square-foot research and development research complex focused on the life sciences industry. The developer purchased the land for over $170 million and estimates that the total cost of the project will be around $1 billion.
The Landing is a closed, unlined landfill that currently holds a 455-berth marina, a boat-launching ramp, a fuel dock and a 300-foot fishing pier; it’s also home to a 33-acre park, a 2.5-acre sandy beach and the Marriot Oyster Point Hotel on 1300 Veterans Boulevard.
“Greenland USA is committed to the long-term health of the properties and communities we develop and we saw early on, with the support of the City of South San Francisco, that there was tremendous potential for growth in Oyster Point,” said Greenland Group executive Taotao Song in a press release. “Our vision is to further cement South San Francisco’s role and reputation as the world’s leading biotech hub by creating a best-in-class campus that will stimulate and sustain its economic and social fabric.”
Phase 1 of construction will begin by mid-2018, and will involve 500,000 square feet in the southern part of the property. After that phase is complete, the City of South San Francisco will follow with necessary infrastructure such as streets, utilities and grading. The city is providing $30 million for those activities.