DBS Council To Discuss Fate Of Treasure Island Property

Daytona Beach Shores, FL - At tomorrow’s special meeting, the Daytona Beach Shores City Council will discuss a possible settlement agreement with the owners of the former Treasure Island Hotel and surrounding properties. The property—which sits at 2025 S. Atlantic Avenue—has been left unattended for almost two decades, becoming what some in the community have called an eyesore. "Many, many councils before us have promised it," said Commissioner Rick Frizalone. "It’s been tough to deliver, and quite frankly, it’s no fault of any previous council." According to the agenda item related to the settlement agreement, the city began the condemnation process on July 1 with a hearing scheduled for Wednesday (August 18). Shortly after the building was deemed condemnable, the owners of the property contacted the city and informed staff that they were ready to move forward with demolition of the structure and development of the property, "as long as they could make the project work financially." What the developers have in mind for the property, according to a layout provided in the agenda, is a 13-story, 300 key hotel along with a 23-story, 200 unit residential building with oceanfront condo units. There will also be a number of extra services available to visitors and residents, according to Frizalone. "There will be restaurants, concessions, vendor concessions. The condominiums will be upscale, they’re oceanfront," added Frizalone. The agreement additionally provides that the city will support an amendment to the city’s comprehensive plan to allow increased density through an overlay zone on the subject properties, allowing the planned 300 hotel units and 200 multi-family housing units spread out among the properties. Once the amendment to the comprehensive plan is approved, the developers will have 120 days to demolish the existing property. However, if the plan amendment is not approved, the developer may keep the existing structure but they will be required to begin and complete concrete restoration work. The property will also only include the number of units currently allowed under the vested rights determination. If the developers do not agree to the current agreement, the city will begin moving forward with the condemnation hearing before a Special Magistrate on August 25, which includes possible litigation.