An investment group led by Dubai’s Hayah Holdings and US-based Colony Capital has announced plans to develop a multibillion-dollar project in Oakland, California.

The proposed development will create a mixed-use urban district at the current site facilities of Oakland National Football League (NFL) team the Oakland Raiders, Major League Baseball (MLB) team the Oakland Athletics and National Basketball Associatioin (NBA) team the Golden State Warriors. The district would integrate sports, retail, entertainment, housing and hotels in a single location.

The 800-acre project, targeted for completion in phases over the next 10 years, is the largest transit-oriented development ever undertaken by the city.

Hayah and Colony have formed Bay Investment Group, an entity to take over the master development of the project under an extended exclusive negotiating agreement with the city. The investor group will work with a team currently undertaking feasibility work on the project, comprising US-based urban planners and architects JRDV, HKS and development and real estate firm Forest City.

The group said the project has the potential to create one of the country’s largest urban centres given its size, central Bay Area location and its unprecedented transit infrastructure.

“We have been searching for an opportunity like this in the United States for several years,” said Rashid al-Malik, chairman and chief executive officer (CEO) of Hayah. “We share the city of Oakland’s and Mayor Quan’s long-stated vision to transform the Coliseum site and create a larger district surrounding it with a new economic base and a catalyst for sustained job growth. The Bay Area is ready for this project to happen.”