Paspalakis and family members couldn't be reached at GlobeSt.com's publication deadline. But friends of the family tell GlobeSt.com on condition of anonymity Paspalakis is adamant in permanently keep his three arcades businesses and the Joyland Amusement attraction in his family no matter what price the city offers him. The businesses were started by the owner's father.
The 40-year-old arcades are on an estimated two oceanfront acres where Daytona Beach has been trying to redevelop the decaying Main Street Pier area for the last 35 years.
The city needs Paspalakis' properties to sell them to Los Angeles developer Carlsberg Management Co. which plans to build at 17-story hotel, amusement rides and a new pier for about $135 million, according to Daytona Beach city hall planners.
Independent land appraisers tell GlobeSt.com on condition of anonymity the property could have a current market value of about $1 million per acre or $23 per sf.
Daytona Beach is 50 miles north of Downtown Orlando.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
