Boca Raton-based Pebb Capital officially acquired Sundy Village also known as Midtown Delray.
Developers Todd Rosenberg and Ian Horowitz of Pebb Capital closed not the seven-acre development for $40 million from MGM Delray LLC.
The project will include about 50,000 square feet of retail and restaurant space, and 70,000 square feet of office space. The acquisition includes Sundy House, a historic property featuring a restaurant, boutique inn and tropical garden.
“After nearly a year of working on this project – from contract to close – we are looking forward to breaking ground and moving forward on building this transformational lifestyle destination that will boost the city’s business and tourism sectors with its retail and office components,” Rosenberg said. “Its location in a Qualified Opportunity Zone further strengthens our goal of bringing positive economic impact to the area.”
Kapp Morrison LLP served as counsel for Pebb Capital in the transaction.