A well-known commercial building in the north end of Saint John has been listed for sale.

Place 400 was initially listed for $6.2 million, but the sale price was recently cut in half to $3.1 million.

Brunswick Brokers, which listed the property, said the site is one of the last large development parcels close to uptown.

“Although the existing building is a candidate for redevelopment, it is believed that the highest and best use for the 3.2-acre site is to demolish the existing structure in favour of a brand-new high-rise residential development,” said the listing.

“Initial investigations indicate that with a rezoning to high-rise residential, up to 300 units could be built on the site.”

The listing also mentions the city’s plan to revitalize Main Street and improve accessibility for pedestrians and traffic flow.

Place 400 is currently home to a number of businesses, including DealerMineCRM and Pub Down Under.

The building was constructed in 1978 and its last major renovation was in 1989, according to Brunswick Brokers.

Managed by Sandalwood Management, it was last sold in 2017 for $13.1 million, according to Service New Brunswick property records. It was most recently assessed at just under $6.4 million.