Developer picks up Palm Beach Gardens land for $7.2M
Land has zoning for offices, retail or up to 105 residential units
April 28, 2016 04:30PMBy Sean Stewart-Muniz
4901 PGA Boulevard
An affiliate of Ascend Properties just picked up nearly nine acres of development turf in Palm Beach Gardens for $7.18 million.
County records show the company, operating through an LLC called Ascend PGA Midtown, closed the deal for land near 4901 PGA Boulevard on Monday.
The seller was an affiliate of PNC Bank, managed by Mark Whyman of the bank’s asset resolution team. PNC came to own the land through Palm Beach Community Church’s bankruptcy filing. It had filed for Chapter 11 to stave off foreclosure on an $11.3 million mortgage in 2013.
Aerial view of the 9 acres
To satisfy its loan, the church turned over the land to PNC and sold off its religious center next door to the First Baptist Church of West Palm Beach for $5 million, according to county records.
Now, Ascend could end up developing the land, which is in a prime location next to the Mainstreet at Midtown shopping center.
According to its listing with Mike Millard of CBRE, the land has mixed-use zoning that allows for retail, offices or up to 105 residential units. PGA Boulevard is a high-traffic street, and that particular stretch sees roughly 44,000 vehicles daily.
Some of Ascend’s previous projects include the 149-unit Metropolitan apartment building in West Palm Beach, the San Marco Apartments in Miami with 276 units and the Addison Pointe Apartments in Boca Raton with 170 units.
Members of the company could not immediately be reached for comment.
Source: The Real Deal