BEIJING (KCBS) — Gov. Jerry Brown has unveiled a $1.5 billion investment partnership between an Oakland-based developer and a China-based investor which will create 10,000 jobs in the state, according to the governor’s press office.
Gov. Brown was joined by U.S. Ambassador to China Gary Locke, as well as Chinese dignitaries in Beijing Wednesday to announce the development deal in which the city of Oakland stands to benefit greatly.
From the deal, Oakland will see the creation of 3,100 units, 200,000 square feet of retail and commercial space as well as 30 acres of parks and open space. Ground breaking for the project is expected to begin in 2014.
The Brooklyn Basin investment deal between China’s Zarsion Holdings Co. Ltd. and Signature Development Group will “dramatically improve Oakland’s waterfront” according to Gov. Brown.
Brown had supported Zarsion Holdings during his tenure as Oakland’s mayor, although a press release issued by Brown’s office credited Oakland’s current Mayor Jean Quan as being instrumental in connecting the investors and developers involved.