Residents weary of looking at the ugly shell of the once popular Treasure Island Resort as it languished under a series of owners for nearly two decades expressed more impatience than optimism at Tuesday's meeting.Īcres Capital acquired the title to the property in September 2020 during foreclosure of previous owner The Jaymor Group, according to the Volusia County Property Appraiser’s Office. “We will be coming back with plans, architectural drawings, things you can look at,” he said. No architectural plans or renderings have been created yet, Merrell said.
“I think it’s something that you in Daytona Beach Shores will be proud of.” “They (Acres Capital) are investing back into Daytona Beach Shores in a substantial way,” Rob Merrell, the company’s Daytona Beach attorney, told the Council. The city also will coordinate with the property owner on the installation of a pedestrian crosswalk to the development at a cost of no more than $150,000, pending Florida Department of Transportation approval. The agreement also was touted by Council members as a way to revitalize businesses and neighborhoods in the northern portion of the city.Īmong other incentives, the developer also will benefit from a 25% density bonus, an easing of building setback regulations and city impact fee reductions for sewer capacity. If the developer fails to meet the 120-day deadline, the city would then have the option of returning to the special magistrate with a condemnation order, said Fred Hiatt, the city's building official. "The big key is that the (Treasure Island) structure comes down," Swartzlander said. If the agreement is approved, there's no timetable for redeveloping the Treasure Island property beyond the 120-day requirement for demolition of the existing building. That's a good return on an estimated $1 million-to-$2 million in tax rebates over the 15 year period, Swartzlander said. Now, the city collects $30,000 annually on the Treasure Island property. Likewise, the city also projects that it will collect an additional $800,000 over the 15 years on the hotel portion of the project. Now, the city collects $5,000 in taxes annually on the Sunny Shores parcel, the site of the proposed condominium.
If the project comes to fruition, at an estimated investment of $100 million by the developer, it is projected to generate a "dramatic increase in tax revenue for the city" in the future, said Kurt Swartzlander, the city’s finance director.īased on projections formulated by current tax rolls, the condominium portion of the project is anticipated to generate about $3.3 million in additional revenue over 15 years, Swartzlander said. The exact dollar amount of the tax rebates was not made clear during Tuesday's meeting. If the developer follows through on that investment, the city will enroll the project in its Alternative Tax Relief program, offering a 100% rebate on city taxes for an initial five years a 75% rebate for the next five years and a 50% rebate for five years after that. The agreement also outlines Acres Capital’s intent to re-develop the site to include a 300-room hotel on the Treasure Island property, a 200-unit condominium tower on an adjoining parcel that was the former site of the Sunny Shores hotel as well as 20,000 square feet of retail/commercial space. Atlantic Avenue within 120 days of the document’s final approval to maintain the incentives. If the agreement clears those hurdles, the developer is required to demolish the existing building at 2025 S. In case you missed it: A shell for years, Treasure Island site may face wrecking ball in Daytona Beach Shores The amendment to the city’s comprehensive plan that provides the incentives also must be approved by the state’s Department of Economic Opportunity and the Volusia Growth Management Commission. 25 to the city’s special magistrate for approval at a previously scheduled condemnation hearing.
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