The sale only involved one acre of land, but zoning allows for 741 residential units on the tiny, infill property. Mason Holding LLC was the buyer of the parcel at 1st and McKinley. The Phoenix Business Journal reports the company paid $12 million, or about $276 a square foot of land.

A Cushman & Wakefield team led by Steven Nicoluzakis represented the seller, Glasir Capital Partners in the transaction. “Phoenix’s urban revival has transformed the Central Corridor into a 24-hour live-work-play environment that offers a dynamic mix of shopping and nightlife, along with a significant presence of education and medical. Light Rail access is another key influence of the area,” said Nicoluzakis.

The property is well positioned near major employment and an abundance of sought-after amenities and convenient transportation services found in Phoenix’s central business district. The Phoenix Convention Center, University of Arizona College of Medicine, Arizona State University Downtown Campus, and Margaret T Hance Park are also within walking distance.