Real estate developer Maui is buying back the land it bought from the government for $1 billion

Maui real-estate developer MauIo has bought back the property it bought in 2013 from the city of Seattle for $3 billion, the city said on Friday.

MauIo CEO Jeff Bierman said in a statement that the deal will create more than 50,000 jobs in the Seattle area.

Bierman told reporters at the MauIor site that MauIos expansion plans include about 300 new jobs and about 10,000 construction jobs.

It will include a new commercial center, a hotel, retail and residential space and office space.

The company’s new ownership includes billionaire hedge fund billionaire Peter Thiel, who previously invested in the project.

Mulholland said the Maui acquisition is a major milestone in the Mau Io transformation of the region’s largest city, with the purchase bringing more than $400 million in investment to the region.