Here is an interesting read from Crain's.
In the shadow of Little Caesars Arena, owner seeks eye-catching price for sliver of land

  • Owner of 0.07 acres wants $1.8 million, or the equivalent of roughly $25 million per acre
  • He says proximity to arena and announced redevelopments commands asking price


Ridiculous you say? How about this from the same article? Nothing new, it turns out.

The former Varsity Shop building in downtown Birmingham at 277 Pierce St. That sold in 2016 for $3.15 million, according to CoStar, for 0.11 acres, or the equivalent of $28.38 million per acre, although it also included the 8,400-square-foot building sitting on it. Bloomfield Hills-based Kojaian Management Corp. was the buyer; the company plans to tear the building down for a mixed-use development.

The Great Frame Up property, also in downtown Birmingham at 215 Peabody St., sold for $1 million, or $25 million per acre, according to CoStar. It is 0.04 acres.

The current Wahlburgers property in Detroit's Greektown neighborhood sold in February 2012 for $1.65 million for the 2,600-square-foot building and the 0.06 acres of land on which it sits. That's $27.5 million per acre.

"Location, location, location."