The 2.1-acre tract sold for $8.8 million, or about $4.2 million per acre. The seller was Realty Parking Co. Inc., which purchased the property in 1989. The approximately 91,000-sf property encompasses a city block and is zoned for more than 2,000 residential units or a major office and retail project.
The new owner purchased the property as an investment, with future development expected there by someone at some point in the future. But the owner hasn't decided on its plans for the property, says Allan White of Colliers International, who represented Realty Parking Co. in the property sale.
"I think they'll probably consider development opportunities that will come up," White says.
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