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Apartment Developer Pays Monster Sum For South Lake Union Land

How hot is South Lake Union property? In 2011, Touchstone Corp. paid $168 a foot for a block's worth of property in the neighborhood. Last week, Greystar coughed up almost $21.9M for a half-block just south of Touchstone's land, which comes out to $506 per square foot.

The city's rezoning law changes have had a quick effect on the value of the neighborhood. Greystar has big plans for the property as they look to develop a 282-apartment complex.
· South Lake Union land sale shows how much prices are climbing [PSBJ]