The former Treasure Island building in Daytona Beach Shores is finally set to be torn down.
What You Need To Know
- The Daytona Beach Shores City Council approved an agreement this week that will result in the demolition of the former Treasure Island Building
- The building has sat vacant since it was damaged by a hurricane in 2004
- The property's current owner has until June 2 to start the demolition, and 120 days overall to complete it
City Council approved an agreement on Feb. 1, that requires the current owner — 2025 South Atlantic Avenue LLC, a subsidiary of ACRES Capital — to demolish the building by June 2. They then have another 30 days to return the property to a natural state.
The building has sat as a vacant since it was damaged by a hurricane back in 2004, according to City Manager Michael Booker. After multiple failed attempts to rehab the building, it was condemned last year.
The former Treasure Island is headed to demolition! Owner is required to tear down the long-vacant building at 2025 S. Atlantic Ave. within 120 days – and to restore the property to a safe and aesthetic nature by the end of June. https://t.co/EVt46lOAah pic.twitter.com/dFwU49SJTL
— Daytona Beach Shores (@CityOfDBS) February 2, 2022
Booker, who has been dealing with this issue since the building was damaged, said the agreement is a huge relief.
“I’ve probably been dealing with this longer than anyone, the issue actually transcends three different city councils so we are very relived that we finally have achieved what I think is the best solution for that property,” he said.
According to information from the city, if ACRES Capital does not start the demolition within the required 60 days, or fails to complete the building's removal within 120 days, it will have to deposit the necessary funds into an escrow account so the city can complete the work.
"The city has worked for years to find a solution for the eyesore and safety hazard the former Treasure Island has become," the city said in a release on its website.
The current owners of the property have offered two plans for the property. One for construction of a tower with 200 residential units and 300 hotel units with amenities, and one for two separate high-rise buildings.
The project would also include a parking garage on the west side of South Atlantic Avenue. Under this new agreement, they have eight years to obtain permits and 15 years to complete the residential building.