Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DAYTONA BEACH, FL-Home to Nascar, the International Speedway and spring break college students, this oceanside city of 68,000 permanent residents is about to usher in a new attraction with the planned $120-million redevelopment of its 73-year-old decaying beachside boardwalk area.

After 24 years of planning the redevelopment, the city received court permission Aug. 19 to seize three beachfront businesses that have been blocking a 20-year-old, mixed-use venture proposed by Los Angeles developer Bill Geary and his Carlsberg Management Co.

State Court Judge John W. Watson III ruled the city may take title to the three properties by making an $8.85-million down payment to the court. A 12-person jury later in the year will decide the final price the city has to pay to owners of Capt. Darrell’s Oyster Bar, the Midway Fun Center and the Fun Fair Go-Cart Track. Lawyers for the three businesses have told the city they will appeal the Circuit Court’s ruling to the 5th District Court of Appeal in Daytona Beach.

Judge Watson based his ruling on the recent landmark US Supreme Court decision that held municipalities may seize and pay fair market value for businesses or homes that are hindering the economic redevelopment of a crime-ridden or blighted area, area retail marketers and brokers who attended the Aug. 19 court session tell GlobeSt.com.

Geary plans to build twin 23-story hotel-condominium towers and develop 50,000 sf of retail and restaurant space on the five-acre site, as GlobeSt.com previously reported. Daytona Beach taxpayers have voted to use about $12 million of public funds to help finance the boardwalk redevelopment. Carlsberg Management has purchased the boardwalk’s pier from local owner Theresa Doan for $3 million, as GlobeSt.com also previously reported.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.