GlobeSt.com UPDATE:Eminent Domain Ruling Paves Way for $120M Redevelopment

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.