Looking to capitalize on its proximity to Little Caesars Arena, a property owner is seeking the equivalent of approximately $25 million per acre for a small chunk of vacant land.
The parcel at 2939 Park Ave., about a block and a half north of the home of the Detroit Red Wings and Detroit Pistons, is being listed for $1.8 million for its 0.07 acres.
Of the Detroit commercial real estate experts I emailed the last several days about this — appraisers, brokers, developers — none had specific examples of land in the metro region in recent years being sold at $25 million or more per acre, although one said there may have been some Ann Arbor land sold for student housing at that rate. There was a Watson Street listing for a tiny parcel in Brush Park for $4 million or so but it fizzled out.
The rest hadn’t heard