Two Roads Development has reached an impasse in its effort to redevelop the Biscayne 21 condominium property in Miami’s Edgewater neighborhood. In 2022, developers Taylor Collins and Reid Boren of Two Roads acquired most units in the aging building, amending the condo association’s declaration to lower the required threshold for termination from unanimous consent to 80 percent. This step was necessary for the developer to proceed with plans to demolish the existing structure and build new Edition Residences.
Financing for the bulk purchase came through a $45 million mezzanine loan from Lionheart Strategic Management LLC and a $105 million senior mortgage from Bank OZK. Following these moves, sales for Edition Residences were launched later that year.
However, some unit owners who did not sell initiated legal action against Two Roads and the association controlled by the developer. After litigation moved through state courts, all residents vacated Biscayne 21 and the building is now uninhabitable.
Earlier this year, Florida’s Third District Court of Appeal sided with holdout owners, ruling that unanimous consent was still required for termination under the original declaration—effectively invalidating Two Roads’ amendment. The court’s decision was a significant setback for Two Roads and a victory for those unit owners who had refused to sell.
The developer attempted to bring the matter before Florida’s Supreme Court, but that court declined to review it. As a result, Two Roads has exhausted its legal options for appeal and has lost leverage over remaining unit owners. The company declined comment regarding its next steps.
Legal experts suggest that Two Roads may have two options: negotiate a settlement with holdout owners—possibly with help from a new equity partner—or repair and reopen Biscayne 21 as an apartment building primarily composed of rental units. Most believe settlement is more likely.
Attorney David Podein of Haber Law said market forces will play a role: “At the end of the day it is an extremely prime piece of waterfront property,” Podein said.
Glen Waldman, attorney representing holdout owners, indicated lenders will be central to any resolution going forward. He stated that he plans to amend his pleadings in state court seeking over $100 million in damages from Two Roads: “Two Roads is ‘in a terrible position and they deserve it. They’ve destroyed [my clients] homes with no right. Now we go after them like there’s no tomorrow.’”
Elsewhere in South Florida real estate activity:
– Developer Mark Pulte sold an oceanfront mansion at 701 South Ocean Boulevard in Delray Beach for $59 million.
– Cofe Properties acquired Milam Dairy Commerce Center I & II warehouses in Medley for $26.8 million; Prudence Investments had previously purchased them decades ago for $1.9 million.
– Developer Armando Codina listed his Coral Gables estate at 50 Casuarina Concourse for $45 million; he intends to move into an apartment developed by Codina Partners.
Miami-Dade County commissioners recently approved legislation designed to make community composting more accessible and affordable. According to reporting by the Miami Herald, this policy aims to reduce pressure on landfills and cut methane emissions by diverting large amounts of organic waste away from traditional disposal sites.
