Multifamily Development Site in Lake Worth Sells for $4M
A Lake Worth property that’s slated for an apartment complex was acquired for $4.1 million.
Danilo Properties, managed by Martha Marie Ivancevic, sold the 5.68-acre site at 1601 N. Dixie Highway to 1601 Dixie LLC, part of Fort Lauderdale-based Affiliated Development. Michael Ivancevic of Illustrated Properties brokered the deal. "I knew the buyer for a long time," Ivancevic said. "Happened to run into him at social event. He was telling me about his project in Fort Lauderdale. I mentioned my listing that it would be perfect for their type of use. He reached back out to me a few weeks later and we started working on the negotiations." Called the MID, the project was approved for 230 apartments, 4,800 square feet of retail and 299 parking spaces.
In 2018, the developer qualified for a $1.04 million city incentive for infrastructure improvements, $1.4 million in property tax abatements through the city’s Community Redevelopment Agency and $163,148 in credits with the city-owned utility. The city has been working to encourage development of its downtown area along Dixie Highway.