Two Roads Development has reached a setback in its efforts to redevelop the Biscayne 21 condominium building in Miami’s Edgewater neighborhood. In 2022, the firm led by Taylor Collins and Reid Boren acquired most of the units at Biscayne 21, with plans to demolish the building and construct Edition Residences on the site. The company financed these purchases with a $45 million mezzanine loan from Lionheart Strategic Management LLC and a $105 million senior mortgage from Bank OZK.
After gaining control of the condo association, Two Roads initiated an amendment to lower the required threshold for terminating the condominium from unanimous consent to 80 percent approval. This move was contested by holdout owners, who subsequently filed a lawsuit against both Two Roads and the developer-controlled association. All residents were eventually required to vacate, rendering the building uninhabitable.
Earlier this year, Florida’s Third District Court of Appeal sided with the holdout owners, affirming that unanimous consent was necessary for termination as stipulated in the original condo declaration. The court’s decision invalidated Two Roads’ attempt to amend this requirement.
The developer sought further review from Florida’s Supreme Court, but the state’s highest court declined to hear the case, leaving Two Roads without further options for appeal or leverage over remaining unit owners.
Legal experts see two possible outcomes: settlement with holdout owners—potentially involving a new equity partner—or repairing and operating Biscayne 21 as a rental-focused condominium, though this second scenario is considered less likely. David Podein, an attorney at Haber Law not involved in the case, commented that market factors may ultimately dictate what happens next: “At the end of the day it is an extremely prime piece of waterfront property,” Podein said.
Glen Waldman, attorney for the holdout owners, noted that lenders will play a key role moving forward. He stated that he intends to seek more than $100 million in damages against Two Roads as proceedings return to state court. Waldman said, “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.”
In other Miami-area real estate news:
– Developer Mark Pulte sold a 14,000-square-foot oceanfront mansion in Delray Beach for $59 million.
– Cofe Properties acquired two Medley warehouses for $26.8 million from Prudence Investments.
– Developer Armando Codina listed his Coral Gables estate for $45 million; he and his wife plan to move into a luxury apartment being built by Codina Partners.
– Miami-Dade County commissioners approved legislation aimed at making community composting more accessible and affordable—a measure intended to reduce landfill use and methane emissions by diverting organic waste.
