A coveted piece of property has been garnering a lot of interest on Edmonton’s Whyte Avenue.

The piece of vacant lot on 105 Street and Whyte Avenue has been put up for sale by Esso.

However, their asking price may keep many buyers out of the running.

“It’s listed at 7 million 75 thousand which represents just about $235 per square foot,” realtor Jeff McCammon said.

He explained that the land, owned by Esso, has undergone significant cleanup efforts to make it fit for resale.

“My experience with Esso is they are a great steward when it comes to environmental clean ups on their properties. It’s very important to them to get it right the first time.

“They don’t put these properties on the market until they’ve deemed them sufficiently clean.”

The City of Edmonton has very specific guidelines on development in the area but McCammon said the uniqueness of this sale was the builder could develop a new structure.

That is something not allowed on current buildings in the area.

“This location does garner a higher price because of the density and the ability to lease out the space.”

Many residents told CTV News they were looking forward to a new development in the neighbourhood.

“Some condos would be sweet,” Kayla Smith said, adding she would prefer not to see a chain-type retailer in the area.

“I really like to keep Whyte Ave eclectic.”

“I’d like to see something that would be good for the community,” Kim Sanderson explained.

“Something that would draw people to the avenue.”

McCammon said any development would have to fit into the historic character of the area.

“My assumption would be that we would have retail on one or two floors. There are some restrictions on the size of each individual business. “

With files from Amanda Anderson