(June 21, 2017)
Why This Developer Is Excited About South San Francisco – BisNow
South San Francisco is booming. With millions of square feet of office and research and development and thousands of residential units under construction or in the planning stages, developers are quite busy in this peninsula city.
“[South San Francisco] hosts the best biotechnology cluster in the world and, as a result, has created strong demand for life science companies trying to locate in the city,” Greenland USA Executive Vice President and Oyster Point Development LLC CEO Taotao Song said. “Additionally, it boasts an amazing location with convenient access to everything that people who live here love.”
In addition to strong demand in the region, the city is well-positioned to attract potential investors. Greenland USA prioritizes cities under transformation, and the company believes South San Francisco will provide an opportunity to exercise its expertise and vision and contribute to long-term economic and social growth for the community, Song said.
The proposed Oyster Point development plan includes the construction of three six-story office/R&D buildings totaling 508K SF on 10 acres, new open space and space for hotels. A second phase proposes 1.1M SF of office/R&D and up to 1,200 residential units with 50K SF of commercial during phases three and four. Entitlements for phases two through four are for a total of 1.7M SF of office/R&D, according to the city’s website. Other major office/R&D projects in the works include 1.3M SF from BioMed Realty, 294K SF from Alexandria Real Estate Equities and 1M SF at HCP’s The Cove at Oyster Point.
Greenland USA’s Oyster Point project will take typical sprawl and revise it into a mixed-use plan that provides something more for the biotech cluster and residents of Oyster Point, who primarily work in the cluster. Adding residential and retail to the city would make the biotech cluster more competitive since other clusters do not often offer these kinds of amenities.
Greenland USA has been working closely with the city and community to address the needs and desires of local residents.
“The investment the city is making in planning for its future will be well worth it,” Song said. “The addition of housing at Oyster Point and downtown with stronger transit connections that supports the community will enhance what is an already exceptional place for all to live, work and visit.”
Hear more from Greenland USA’s Taotao Song at Bisnow’s upcoming Peninsula New Frontiers and CRE Outlook on July 12 in Burlingame.