LYNN – The highly publicized lawsuit between the family of George and Christie Dean and the city over the Deans’ right to lease their land to pharmacy giant CVS will be dropped today according to James Cowdell, executive director of the Economic Development & Industrial Corporation (EDIC).After nearly three years of lengthy discussions and court battles, Cowdell said the end is near and the outcome will be a win for both parties.In roughly four to eight weeks, the public will see a welcome change with the tearing down of two unsightly buildings situated adjacent to the eatery that have been vacant and boarded up for several years.Preliminary plans include the construction of a three or four story L shaped building on the site with a family style restaurant on the first floor and two or three stories of residential units.The over 100-year-old structure and city landmark located at 17 Lynnway is situated on a valuable piece of property on the Nahant Rotary with views of the Boston city skyline and the ocean from all angles.Ever since the restaurant closed its doors in 2005, a battle has ensued between the city and the Dean family over a decision in 2006 by the Zoning Board of Appeals that essentially blocked their wishes of tearing down the restaurant and two adjacent boarded up apartment buildings and leasing the site to CVS.The family originally planned to have the drug store built on the site with a drive-thru pharmacy, but ZBA members cited traffic congestion and said it would not fit in with the overall character of the neighborhood.Frustrated by the outcome, the family hired Boston law firm Nutter, McClennan and Fish and filed a lawsuit against the ruling, asking the court to order the board to approve their proposal.After years of insisting that the 12,900 square foot pharmacy would be the best use of the family property, Cowdell said he and EDIC Development Director Hal McGaughey managed to come to a preliminary conclusion with the Dean’s that best fits both the city’s and their needs.”Hal and I have been meeting with the family for the past four months and we have been working hand in hand with them for a first class development,” he said. “These are good people and it will really be a positive development.”Cowdell said the family would be delivering an official letter of dismissal regarding the lawsuit today.It was originally thought by city officials, including Cowdell, that the Dean family would wait to make a final decision on the lawsuit until the Waterfront Master Plan zoning ordinance was officially passed by the City Council.However, Cowdell said the family has faith the zoning proposal, which calls for a maximum height of four stories in the area will be passed at a public hearing scheduled for March 25 and that they are excited to move forward with the new plans.”The family was going to extend the CVS deal for another 30 days until the council hearing, but George Dean read the dismissal letter to me over the phone,” he said. “The only reason we don’t have a copy of the letter yet is because it is such breaking news.”Pleased with the impending decision, Mayor Edward J. Clancy Jr. said, “Anytime we can end litigation it’s a win win for everyone.”City Council President Tim Phelan said the preliminary plans would act as a small part of the overall working improvement of the city, and that it is a good sign.”I don’t think a CVS at that location was ever good, but no one was happy that the Dean family was hurt either,” he said. “There is a nice project planned now that is consistent with the zoning planned for the area, but then again nothing happens until it happens.”