Two Roads Settles With Biscayne 21 Holdouts, Clearing Edgewater Site
The buyout price wasn't disclosed, but the Miami-Dade docket shows exactly what it took to break the impasse: a repair order, a lost appeal, and a denied Supreme Court review.
Two Roads Development has settled with the last nine holdout owners at Biscayne 21, ending a three-year condo-termination fight that had kept the developer from clearing its bayfront Edgewater site. Company principal Taylor Collins confirmed the developer paid the owners for their units but declined to disclose the combined price, according to The Real Deal. The holdouts had been demanding roughly $51.1 million total, or about $6.4 million per unit, as of a January court filing.
Why it matters
Biscayne 21 was Florida’s most closely watched condo-termination case, and the docket now sets the ceiling on how far a developer can push a bulk buyout before the courts step in. Two Roads bought roughly 95 percent of the 192-unit building’s stakes for $150 million in 2022, then used a developer-controlled association vote to lower the termination threshold from 100 percent to 80 percent. An appeals court and, later, the Florida Supreme Court both rejected that approach, and a Miami-Dade judge ordered Two Roads to repair the building it had already gutted. For any developer assembling a waterfront Miami site through condo termination, the lesson is now on the public record: the association-vote shortcut does not survive appellate review, and a holdout with counsel can force a court-supervised buyout on its own timeline, not the developer’s.
The numbers
Nine of Biscayne 21’s 192 units held out before the settlement, with TRD Biscayne, LLC holding the other 183, about 95.3 percent of the building, at 2121 North Bayshore Drive. Two Roads bought its majority stake for $150 million in 2022 and has proposed a three-tower redevelopment designed by Arquitectonica’s Bernardo Fort-Brescia: two 56-story towers and a 55-story tower, all roughly 649 feet, totaling 705 condo units, with one tower planned as an EDITION-branded property.
What’s next
With the ownership fight resolved, Two Roads can move toward closing out the condo association and advancing its Arquitectonica-designed towers, though no new construction timeline has been announced. The settlement also removes the litigation overhang that had left the vacant building sitting unrepaired since 2023, a liability the January court order had made Two Roads’ problem regardless of how the buyout ended.