Two Roads Settles Biscayne 21 Condo Suit, Paving Way for Edition Condo in Miami

Two Roads Development can finally start building its luxury condo development in Miami’s Edgewater neighborhood after reaching a settlement to gain complete control of the waterfront site. 

The settlement caps a three-year legal stalemate, which had threatened to derail a prominent luxury condo development: the 55-story, Edition-branded high-rise.

The Miami-based development firm paid $50 million for the remaining units at the Biscayne 21 condominium building, where the new development will rise, according to a representative for Two Roads Development, who declined to provide additional details about the settlement.

Demolition will take place this month, with vertical construction starting soon after. So far, the project is 40 pre-percent sold.

“This has been a long and arduous process, and we’re grateful to our team and partners who remained committed throughout,” Taylor Collins, co-founder and managing principal of Two Roads Development, said in a statement. “We’re excited to now turn our full attention to realizing the extraordinary potential of this irreplaceable waterfront site.”

The Real Deal first reported news of the settlement.

“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, a partner at Armstrong Teasdale, who represents the holdout owners, said in a statement.

In 2022, Two Roads Development paid at least $150 million for the majority of the units at Biscayne 21, a condominium constructed in 1964 on a 3.5-acre site at 2121 North Bayshore Drive, and launched the 185-unit development with prices starting at $1.7 million.

The firm also amended the bylaws of Biscayne 21 to terminate its condo association, a critical move to gain complete control of the 191-unit building to demolish it and eventually begin construction. 

In response, 10 condo owners, who had not sold their units, sued in 2023. A Florida court sided in favor of the owners, arguing that Two Roads had illegally changed Biscayne 21’s bylaws, a ruling that shocked the South Florida real estate community. The Florida Supreme Court declined to take up Two Roads Development’s appeal in October. 

Since the deadly collapse of the Champlain Towers South condo building in Surfside five years ago, terminations have surged. New regulations require condo owners to pay for building repairs, which can often turn costly for aging structures. Instead, some are opting to sell to developers, who access sought-after and limited waterfront land. 

Update: The story was updated to include a statement from attorney Lam, who who represents the holdout owners.

Julia Echikson can be reached at jechikson@commercialobserver.com.