After three years of a litigious back-and-forth over plans to tear down a 61-year-old Edgewater tower and replace it with luxury condos, developer Two Roads Development paid $50M to get its project back on track.
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After a state court ordered Two Roads to return the units of holdout owners at the Biscayne 21 building to their original condition — even though demolition had already begun — Two Roads reached a deal to pay the 10 owners, who agreed to vacate the building, a spokesperson confirmed to Bisnow.
The developer, which has offices in Miami and West Palm Beach, now plans to demolish the 13-story structure in the next two to three weeks and jump straight into vertical construction for three luxury condo towers carrying Marriott International's Edition brand, the spokesperson said.
“Every major development comes with its share of hurdles, and our ability to navigate challenges and protect our vision is what sets Two Roads apart,” Two Roads Development co-founder and Managing Principal Taylor Collins said in a statement.
"This has been a long and arduous process, and we’re grateful to our team and partners who remained committed throughout," he added. "We’re excited to now turn our full attention to realizing the extraordinary potential of this irreplaceable waterfront site.”
Two Roads bought a majority of the 192-unit condo building for $150M in 2022 with a $45M mezzanine loan from Lionheart Strategic Management LLC and a $105M senior mortgage loan from Bank OZK.
The developer had prepared to demolish 2121 N. Bayshore Drive for its Edition Residences in 2023, but the process was put on hold when 10 residents filed a lawsuit to block the demolition.
The holdout owners accused Two Roads of illegally lowering the required approval threshold from 100% to 80% for a condo termination. The Third District Court of Appeal sided with the owners twice and denied the developer's request for a rehearing in July 2025.
The Florida Supreme Court squashed any hope for the developer when it rejected its appeal in October. By January, a Miami-Dade Circuit Court judge ordered Two Roads to restore the Edgewater building — described by The Wall Street Journal as a "zombie" — to its May 2023 condition.
The restoration would have cost the developer $65M, The Wall Street Journal reported, citing a report commissioned by Bank OZK.
“Nearly three years to the day after our clients were evicted from their forever homes, we are pleased to have achieved a favorable resolution on their behalf," Jeffrey Lam, an Armstrong Teasdale attorney who, along with Glen Waldman, represented the unit owners, said in a statement.
"After everything they have been through, they can finally move forward.”
The developer's legal troubles with the building have become the poster child for condo association terminations gone wrong, leaving many wary of pursuing condo buyouts in fear of prolonged litigation. Despite calls from the industry to address the unclear standards surrounding terminations, the Florida Legislature has yet to clarify them.
The settlement "doesn’t do much to unmuddy the legal waters with respect to terminations," said Joseph Hernandez, a Bilzin Sumberg real estate attorney who isn't involved with either side of the Biscayne 21 litigation.
While the saga ends with Two Roads moving forward with its intended plans, the rulings remain as a leading example that just a handful of owners can blow up a project or, at the very least, hold developers hostage until they walk away with a large sum.
"They won a shit ton of money, and it's only providing incentive for people who want to hold out and do the same thing," Hernandez said.
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