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DAYTONA BEACH, FL-The 74-year-old Boardwalk area at Daytona Beach, a former vacation destination for the JD Rockefeller family in the 1930s, may soon get its long-awaited facelift.

Longtime local arcade owner-operator Dino Paspalakis, the city and Los Angeles-based Carlsberg Management Co. have avoided a lengthy court trail by agreeing Paspalakis and his family may continue to operate their three 40-year-old businesses forever, city staffers tell GlobeSt.com.

The settlement clears the way for a planned $115-million, mixed-use redevelopment on the two-acre site. Terms of the complete settlement were not disclosed.

The city had filed an eminent domain suit earlier this year in state court, arguing Paspalakis’ businesses should be condemned and demolished because they stand in the way of redeveloping the one-mile long Boardwalk area.

If the city had won its suit, Daytona planned to sell the former Paspalakis site to Carlsberg Management Co. which would redevelop the area, a project that has been planned and reviewed repeatedly but never executed over the past 35 years, city staffers tell GlobeSt.com. The two acres, at one time, had an appraised value of about $1 million per acre or $23 per sf, area retail brokers tell GlobeSt.com.

Carlsberg plans to build two 250-room hotels, an undetermined number of timeshare units, carnival rides, a new arcade and about 50,000 sf of retail-restaurant space on the beachside of the Boardwalk, north of Main Street, as GlobeSt.com previously reported. The Los Angeles-based firm is headed by Bill Geary who already is co-developing Ocean Walk, part of a $250-million mixed-use project north of the Boardwalk that includes movie theaters, restaurants and two timeshare resort and hotel towers.

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