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South Florida

Pebb Enterprises sells 31-acre PBG site for $16M

Charles Funk and Palm Beach Gardens land
Charles Funk and Palm Beach Gardens land

An affiliate of Boca Raton-based developer Pebb Enterprises sold a vacant 31-acre parcel in Palm Beach Gardens for $16 million.

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Veteran Tampa real estate investor Charles Funk is the buyer of the site, located at the point in which Central Boulevard sweeps below Interstate 95. Todd Rosenberg, a principal at Pebb, bought the acreage in 2006 with the hopes of building a 204-townhouse community, but the recession halted progress.

Last month, the Palm Beach County Commission rejected Pebb’s plans to demolish a 50-foot area of trees and shrubbery as an entrance to its 10-acre Royal Palm Beach commercial development, as previously reported. [South Florida Business Journal] — Mark Maurer

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Palm Beach GardensPebb Enterprises