Oyster Point Development, LLC Proposes an Enhanced Vision of the Oyster Point Specific Plan in South San Francisco

Oyster Point Development LLC, Oyster Point, South San Francisco, San Francisco, Bay Area

Proposed Modifications Would Include Residential and Retail in Addition to Biotech Office/R&D and Improved Open Space and Recreational Uses

South San Francisco, Calif. – Oyster Point Development, LLC (OPD), the team managing the development of Oyster Point in South San Francisco, today filed a planning application with the City to modify a portion of the existing Oyster Point Specific Plan that was approved in 2011.

The proposed plan aims to transform the under-utilized area into a vibrant and sustainable development that benefits the entire community. The enhanced vision for the Revised Oyster Point Specific Plan includes the creation of a global integrated Bio-tech Center of the future; a vibrant community connected to transit and activated by shops & open space; a cohesive open space network that engages the surrounding uses and a new mixed-use neighborhood at Oyster Point.

“We are excited to be moving forward with Phase I, creating more than 500,000 square feet of biotechnology and life science office buildings that will contribute to the existing economy by creating short- and long-terms jobs,” said Taotao Song, CEO of Oyster Point Development, LLC, and Executive Vice President at Greenland USA. “As we advance the project with the City and community, we believe Oyster Point presents a number of opportunities to help meet the overall needs of the City and demands of the region. That’s why we’re studying the feasibility of an exciting mixed-use community to enhance the experience east of 101,” said Song.

The Revised Oyster Point Specific Plan proposes to adjust a later phase of the project to include a new, mixed-use community consisting of research and development (R&D), office, commercial, residential, recreational and public open space uses. The plan would be a modification to the approved plan, which is set to move forward in its early stages of infrastructure work in Q3 2017.

OPD acquired the vast 42-acre waterfront property at Oyster Point in South San Francisco in August 2016, which has been entitled for approximately 2.25 million gross square feet of life science/office space according to the existing Oyster Point Specific Plan. Building on South San Francisco’s globally recognized reputation as the birthplace and hub of biotechnology, the waterfront property will be developed into a large-scale integrated life science campus with ample open space and recreational areas.

“Oyster Point Development, LLC is committed to supporting South San Francisco’s role and reputation as the world’s leading biotech hub,” said Song. “Due to the growing demand for housing in the region, we are exploring potential opportunities to include housing in later phases of the development and will be working closely with biotech, city and community to ensure this plan delivers on their vision for long-term growth,” said Song.

The application filed today proposes to keep Phase II of the project as approximately 1,070,000 square feet of office/R&D buildings including approximately 28,000 square feet of retail, amenity and/or flex-use space. Phase III and IV are proposed to include approximately 1,191 residential units and 22,000 square feet of retail, amenity and flex-use space. The maximum dwelling unit density of Phase III and IV would be approximately 96 units/acre.

Any modification to the Specific Plan requires environmental/CEQA review including an updated traffic study and a full review and approval by the City Council. The proposed modification would apply to later phases of the project, and current Phase I already in progress would not be impacted.

West Coast Commercial Real Estate News