Two Roads Development has been ordered by a Miami-Dade judge to restore the Biscayne 21 condominium building in Miami’s Edgewater neighborhood. The decision comes after years of legal disputes between the developer and a group of condo owners who refused to sell their units.
The ruling requires Two Roads, which is based in Miami and West Palm Beach and led by Taylor Collins and Reid Boren, to make the waterfront building habitable again. This includes carrying out repairs and restoring essential utilities such as air conditioning, water, and electricity.
Judge Thomas Rebull sided with eight holdout owners who filed suit against Two Roads and the developer-controlled condo association in 2023. In 2022, Two Roads had acquired most units in the 1964-built bayfront property for about $150 million.
The court found that the developer-controlled association had unlawfully changed the rules governing condo termination, lowering the required approval from all owners to just 80 percent. Redevelopment of the site would require such a termination.
Earlier appeals upheld that unanimous consent was needed for termination under the original declaration. Florida’s Supreme Court declined last year to review the case further, ending Two Roads’ ability to appeal.
Two Roads stated it “anticipated” this outcome and will comply with all orders: “The building remains vacant and non-habitable, and any future reconstruction would require professional review and owner approval under the declaration. We will strictly follow Florida laws in this matter,” according to its statement.
Jeffrey Lam, attorney for the holdout owners, said he believes “the building is still structurally sound.” He added, “The ultimate goal is that we get our clients back to their homes.”
Glen Waldman, another lawyer representing holdouts, expects repair costs will be significant but manageable. “This is where a number of our clients wanted to live out the rest of their lives,” Waldman said.
Lam and Waldman plan to expand their lawsuit by adding more parties—including lenders, principals, and former board members associated with Two Roads—to their claims.
Two Roads financed its bulk purchase in 2022 with a $45 million mezzanine loan from Lionheart Strategic Management LLC (an affiliate of Fisher Brothers) and a $105 million senior mortgage from Bank OZK. The company faces growing interest payments on these loans since acquiring most units at Biscayne 21. Afterward, Two Roads began marketing luxury condos at one of three planned Edition towers nearby—with prices starting at $1.7 million—months after closing on Biscayne 21. The eight holdout owners sued following these developments.
