A 698-space parking garage next to Boston’s Faneuil Hall Marketplace is up for sale as a redevelopment site, potentially accelerating the transformation of the Government Center neighborhood.

Original owner and developer Dock Square Parking Assoc. LLC has hired Newmark Knight Frank to market the property overlooking the Rose Fitzgerald Kennedy Greenway.  Built in 1980 and renovated in 2007, the 264,462-square-foot structure contains 16,100 square feet of ground floor space occupied by Hard Rock Cafe.

The 6-story structure offers a potential “transformative development opportunity,” according to marketing materials. Zoning allows structures up to 125 feet, or roughly 12 stories, on the 1.2-acre lot, opening up the possibility of the new owners adding floors for uses such as office space or residential units.

A real estate source predicted the property could fetch approximately $160 million.

The Clinton Street property is on the edge of a ramping-up development cluster spanning from Government Center to North Station.

HYM Investment Group has begun partial demolition of the Government Center garage to make way for a 45-story apartment tower in the first phase of its 2.9-million-square-foot, six-building Bulfinch Crossing development.

Boston Properties and Delaware North Cos. are building the first phase of the Hub on Causeway, including 210,000 square feet of retail and restaurant space, a 15-screen cinema and 175,000 square feet of office space in front of the TD Garden.

Wellesley-based Harbinger Development and Normandy Real Estate last year received approval for a 225-room hotel at Blackstone Street and the Greenway, across North Street from the Dock Square garage.

Sales of parking garages in Chinatown, the Leather District and Back Bay in the past year reflect demand for higher uses in sought-after urban neighborhoods and the potential long-term influence of autonomous vehicles.