Blue Origin, the private space firm owned by Amazon founder Jeff Bezos, has announced plans to build a “space park” in low earth orbit. The company is teaming with firms such as Boeing, Sierra Space and more to build a space station that can either “replace or complement” the International Space Station.

The new plan comes amid an influx of private companies vying to take advantage of the interest in the Earth’s low-earth orbit economy.

Currently, the International Space Station is the sole destination available for countries and firms around the world seeking to send astronauts and perform research in low earth orbit.

While China, which has long been denied usage of the ISS, citing national security risks, has already started building its own space station, the Tiangong, to rival the ISS.

The aging space station is largely expected to be retired at the end of the decade, and currently, NASA is evaluating plans for a future after the International Space Station, wherein a replacement space habitat could be outsourced to private companies. NASA has already started shuttling its astronauts to and forth the ISS using the SpaceX dragon launch platform, decreasing its reliance on Russia’s Soyuz platform.

Blue Origin has said in the proposal, that its low-earth orbit “business park” called the Orbital Reef could be built by the end of the decade, just in time to replace the International Space Station.

However, currently, Orbital Reef only exists as a 3D render and Blue Origin will face stiff competition, as soon as next year from China’s Tiangong Space station. While other private firms such as Nanoracks, a firm that is already working with NASA to facilitate research onboard the ISS has also unveiled plans for its own space station called Starlab.

Blue Origin’s owner Jeff Bezos had earlier committed to spending over $1 billion dollars of his own money, every year on the company’s projects. Therefore, the Orbital Reef project will have solid funding, which could give it a potential leg up on its competition.