In 2022, Two Roads Development, led by Taylor Collins and Reid Boren, acquired most of the condominium units at Biscayne 21, an older building in Miami’s Edgewater neighborhood. After gaining control of the condo association, the developer moved to amend the association’s termination statute, reducing the required approval threshold for termination from 100 percent to 80 percent. This step was necessary for the developer to proceed with plans to demolish the building.
The acquisition was financed with a $45 million mezzanine loan from Lionheart Strategic Management LLC and a $105 million senior mortgage from Bank OZK. Two Roads subsequently launched sales for a new Edition Residences project intended for the site.
However, some unit owners who did not sell their units sued both Two Roads and the developer-controlled condo association. All residents were eventually required to vacate Biscayne 21, rendering it uninhabitable.
The legal dispute progressed through Florida’s courts. Earlier this year, the Third District Court of Appeal sided with the holdout owners, ruling that unanimous consent was needed to terminate the original condo declaration and invalidating the amendment made by Two Roads’ controlled association. The court’s decision represented a setback for Two Roads and a victory for those who refused to sell their units.
Two Roads sought further review by Florida’s Supreme Court, but the state’s highest court declined to hear the case. With no remaining avenues for appeal or leverage over holdout owners, Two Roads has not commented on its future plans regarding Biscayne 21.
Legal experts suggest that Two Roads may need to settle with holdout owners or find a new equity partner to recapitalize the project. Alternatively, they could be compelled to repair and operate Biscayne 21 as a rental-heavy condominium building—a scenario considered less likely by those familiar with such cases.
David Podein, an attorney at Haber Law not involved in this litigation, noted that market forces will likely influence any resolution: “At the end of the day it is an extremely prime piece of waterfront property,” Podein said.
Glen Waldman, representing the holdout owners, indicated that lenders will play a significant role moving forward. He stated that he would seek more than $100 million in damages from 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 residential news, developer Mark Pulte sold a newly built oceanfront mansion at 701 South Ocean Boulevard in Delray Beach for $59 million; completed two years ago, it measures 14,000 square feet.
On the commercial side, Cofe Properties purchased two warehouses—Milam Dairy Commerce Center I and II—in Medley for $26.8 million from Prudence Investments. Prudence originally bought these properties decades ago for a combined $1.9 million.
Additionally, Armando Codina and his wife Margarita have listed their Coral Gables waterfront estate at 50 Casuarina Concourse for $45 million as they plan to move into a luxury apartment being developed by Codina Partners in Coral Gables.
Miami-Dade County commissioners recently approved legislation aimed at making community composting more accessible and affordable—a move intended to address landfill shortages and reduce methane emissions by diverting organic waste from landfills (https://www.miamiherald.com/news/local/environment/article285147512.html).
