The Real Deal Miami

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

January 16, 2014 03:00PM


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.

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