Two Roads Development has been ordered by a Miami-Dade judge to restore the Biscayne 21 waterfront condominium building in Edgewater, Miami. The decision follows a lengthy legal dispute between the developer and a group of holdout condo owners.
The ruling requires Two Roads, led by Taylor Collins and Reid Boren, to return the building to a habitable condition. This includes making necessary repairs and restoring essential utilities such as air conditioning, water, and electricity. The firm had acquired most units in the 1964-built property for about $150 million in 2022.
The lawsuit was filed in 2023 after Two Roads and the developer-controlled condo association amended the condominium declaration to reduce the threshold for terminating the condo from unanimous consent to an 80 percent owner approval. A termination is needed before redeveloping the site. However, courts found this amendment illegal, reaffirming that unanimous consent was required according to the original declaration.
An appeals court sided with the holdout owners, and Florida’s Supreme Court declined last year to review a motion for rehearing, effectively ending further appeals by Two Roads.
In response to Monday’s court order directed at TRD Biscayne—the entity used by Two Roads—Two Roads said it “anticipated” the court order and will comply fully. “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 their statement.
Jeffrey Lam, attorney for eight of the holdout owners, stated that 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, said repair costs are expected to be “very substantial” 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 file an amended complaint that could include additional parties such as lenders, principals, and former board members involved with Two Roads’ acquisition.
Two Roads financed its bulk purchase with loans totaling $150 million—a $45 million mezzanine loan from Lionheart Strategic Management LLC (an affiliate of Fisher Brothers) and a $105 million senior mortgage from Bank OZK. Since then, interest on these loans has continued accruing into millions of dollars while redevelopment plans have stalled.
Shortly after acquiring most units in 2022, Two Roads began marketing Edition Residences Miami Edgewater—a planned three-tower project—with prices starting at $1.7 million per unit for its first tower.
Holdout owners who brought suit include Angelica Avila, Nicolas Bello, Maria Beatriz Gutierrez, Franah Vazir-Marino Murphy, George Garcia; couples Lazaro Fraga & Jacqueline S. Fraga; Jeffrey Ulman & Shari Ulman.
