real estate capital gains and 1031 exchange

In 2017, I bought a plot of land for $60,000. In 2025, if I sell it for eg $360,000. This implies a capital gain of $300,000??? I am thinking of using 1031 exchange. Can I keep this initial capital of $60,000 and not be part of the 1031 exchange to get another property ? Will this $60,000 be taxable?