Developers have purchased a large tract of land in Sunnyvale for $186 million with plans to build 450 townhomes on the site.

The 24.5-acre former industrial campus was sold Feb. 26 by Watt Companies to Landsea Holdings Corporation.

The land sits in the northeastern area of Sunnyvale with Stewart Drive to the south and East Duane Avenue to the north, next to Lawrence Expressway. Its most recent tenant was the semiconductor manufacturer Spansion, which last year merged with Cypress Semiconductor.

The area was known as “The Vale” when owned by Watt Companies. It was purchased in 2014 with residential uses in mind. In 2015 the city approved an environmental impact report that analyzed uses for 450 homes.

LandSea says the development will also have 450 townhomes with the first phase of building planned to be completed by December 2017.

Landsea’s U.S. division is based in Irvine, but the main company was founded in 2001 in Nanjing, China, and is one of China’s largest builders. This will be Landsea’s seventh American development and the largest one in the country to date.

Housing proposed for the site will be geared toward having energy conservation features according to Landsea’s website.

“We’re extremely pleased to announce this significant acquisition in Sunnyvale, which is one of the largest of its kind in Silicon Valley in recent years,” said John Ho, CEO of Landsea Holdings Corporation, in an announcement on the company’s website. “The demand in Silicon Valley for quality, affordable and environmentally friendly housing is ferociously high, and now Landsea U.S. is able to go some way toward meeting it.”