A city block in Wynwood has been listed for sale for $45 million, according to the Miami Herald.

Formerly home to Impex Systems Group, which manufactured picture hanging hooks, the two-acre block runs from 28th to 29th streets and NW Second and Third avenues. The shuttered Impex Systems Group building still stands on the property, comprising 55,000 of the site’s total 90,000 square feet. 

New York investment firm Rockwood Capital combined the previously multi-parcel property five years ago. Now, Whitehall Realty Group and Metro 1 Commercial are handling the sale.

Tony Arellano of Metro 1 Commercial says Wynwood, with its cultural offerings and proposed green space, remains of high interest to developers, but “the hard part is finding a sizable piece of real estate at a reasonable price.” With the Wynwood Neighborhood Revitalization zoning rules, the property could accommodate up to a 12-story, 311-unit apartment building and up to 60,000 square feet of retail. 

The city block’s $45 million price tag works out to $500 per square foot, illustrating Wynwood’s pricey real estate rise over the past few years. The Herald cites a smaller warehouse that sold in 1993: the 36,000-square-foot property cost $450,000, breaking down to just $12.50 per square foot. That property, at 95 NW 29th St., is the Rubell Family Collection Contemporary Arts Foundation.