Lane Partners and Goldman Sachs Group Inc. plan to develop a $1 billion project in South San Francisco, the San Francisco Business Times reported.

Lane Partners is close to filing plans for the project that will comprise 2 million square feet of office or lab space, after buying a number of parcels to assemble a 25-acre site.

The site is across the street from the San Bruno BART Station and the Shops at Tanforan mall, according to the Oct. 15 report.

The project is expected to take roughly four to five years to complete, subject to securing construction approval.

The land houses income-producing warehouses, the report added.