Small Deal, Big Importance

Phillips Petroleum has agreed to pay $1 million for a 1.5-acre parcel in the Uptown portion of this city’s central business district and plans to build a much-need gas station on the site. Though the $1-million price tag might seem small by today’s standards, it represents a record $15.30 per sf for land in the Uptown area. The parcel is at the southeast corner of Third Street and Osborn, say brokers at the local office of Grubb & Ellis, which negotiated the sale. The parcel was sold by Arosa Inc. of Switzerland. In the past two years, a raft of apartment and condo development has occurred in the Uptown area, gobbling up the last few remaining vacant parcels and bringing thousands of new residents to the area.