The city of Daytona Beach has approved the biggest beachside development in the city's history.

A rundown hotel and a vacant lot could be transformed within the year to a resort in the heart of Daytona's Beach's beachside tourist district.

"Daytona is going to be dramatically changed. It's going to enter the 21st century in many respects," said Ted Doran of the Daytona Beach Convention and Visitors Bureau.

Without any opposition, the city of Daytona Beach approved the project.

A Russian family and the owners of Protogroup, Inc. are behind it.

The resort will features one 27-story 502 hotel-room tower to the southy and a 29-story tower with 105 condos to the north.

Doran said it will benefit tourists, businesses and residents alike.

"When the tide rises, it floats all boats and this will dramatically increase the value of all the properties on beachside," said Doran.

The new resort will sit in the prime tourist area, but there are already some large resorts right next door that sometimes have trouble filling rooms in the slow season. Tourism industry leaders said this new resort will be different.

"Not only will it draw more tourists, but it's critical to the health of the Ocean Center. It will be ready for the Shriners when we receive them in 2017," said Doran.

The 2017 Shriners International Convention is expected to bring in $8 million.

Many believe hotels like the new resort, that feature rooftop gardens and bars overlooking the ocean, will attract more conventions like it in the future.