The developer, purportedly a nonprofit registered company, is turning to Volusia County government and the developer of the nearby $200 million Ocean Walk condominium resort for help. The developer wants the county to advance $2.8 million in parking space fees. That's the total amount the county is obligated to pay the developer for a total 22 years through 2024.
The nearby Adventure Landing water park pays the county for spaces used by its patrons. The general public also uses the garage.
Ocean Walk encouraged the parking garage construction in March 2000 to coincide with a county ban on vehicles driving along a one-mile stretch of oceanfront beach. But few motorists are using the garage.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 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.
