Greenland USA has made a big push into South San Francisco with a 42-acre waterfront buy at Oyster Point. The developer partnered with Ping An Trust, Agile Group and Poly Sino Capital to complete the purchase. The land was purchased for $171M, and the overall investment is expected to exceed $1B.

The developer plans to construct a large office and R&D campus to attract the city’s many life sciences tenants to the to-be-renamed property. Greenland Group chairman Yuliang Zhang says the site’s location will play a key role in the company’s future strategic expansion. “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,” he says.

South San Francisco Mayor Mark Addiego was enthusiastic about the purchase and welcomed Greenland to the city. “By investing in Oyster Point, we will be able to further cement our position as the world’s leading center for innovation in biotechnology and other industries,” he says.

Development of the project will proceed in multiple phases. The first phase includes 500k SF and is set to begin late Q2/early Q3 2018. The city will upgrade essential infrastructure such as roads, utilities and grading in the area before then.