Encore Publishing sold its Greenwood site at 425 North 85th St. on Tuesday for $3.2M, or $261 per land square foot.

According to public records, the property last sold in 2002 for $710K or $58 per land square foot. The increase indicates the soaring price of land in Seattle.

The 12,240 SF lot is the current site of Encore, a publisher of arts programs, as well as Seattle and San Francisco niche magazines. Zoning in this area allows for buildings up to 55 feet high. 

Kidder Mathews’ Dylan Simon, Jerrid Anderson, Matt Laird, Jason Rosauer, Rob Anderson and Rod Keefe represented the seller.

Plans have been submitted to the city for a 202-unit multifamily development that will include small efficiency dwelling units, or SEDU, and one-bedroom units nearby at 415 North 85th St.

The Greenwood/Phinney Ridge neighborhood is home to similar small multifamily projects, including an eight-building Footprint Portfolio that includes 441 studio apartments. The average rent for these apartments was about $1K per unit, which is about half of the average rental rate in Seattle.