Two Roads Pays $50M to End Edgewater Condo

Developer Two Roads Development has paid $50 million to ten holdout condo owners, ending a three-year legal fight over its plans to demolish a Miami tower. The settlement clears the way for the firm to tear down the 61-year-old Biscayne 21 building and construct three luxury condo towers.

A spokesperson for Two Roads confirmed the deal to Bisnow. The agreement followed a state court order requiring the developer to return the holdouts' units to their original condition, even though demolition had already started. With the owners now agreeing to vacate, Two Roads plans to demolish the 13-story structure within two to three weeks and begin vertical construction immediately.

"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," said Taylor Collins, the firm's co-founder and managing principal.

The Condo Termination Dispute

The conflict began after Two Roads bought a majority of the 192-unit building for $150 million in 2022. The developer prepared to demolish 2121 N. Bayshore Drive in 2023 for its Edition Residences project. The process stalled when ten residents sued to block the demolition.

The holdout owners accused Two Roads of illegally lowering the required approval threshold for terminating the condo association from 100% to 80%. Florida's Third District Court of Appeal sided with the owners twice. It denied the developer's request for a rehearing in July 2025. The Florida Supreme Court rejected Two Roads' appeal in October.

By January, a Miami-Dade Circuit Court judge ordered Two Roads to restore the Edgewater building to its May 2023 condition. The Wall Street Journal, citing a bank-commissioned report, stated this restoration would have cost the developer $65 million.

Legal Precedent and Industry Wariness

The lengthy dispute has become a leading example of condo terminations gone wrong. It has left many in the industry wary of pursuing buyouts due to fears of prolonged litigation. Despite calls for clarity, the Florida Legislature has not yet clarified the legal standards surrounding condo terminations.

Joseph Hernandez, a real estate attorney at Bilzin Sumberg not involved in the case, said the settlement "doesn’t do much to unmuddy the legal waters with respect to terminations." He noted the rulings show that just a handful of owners can derail a project or force a large payout.

"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.

Moving Forward with the Project

With the settlement, Two Roads can proceed with its original vision for the waterfront site. The project will feature three luxury condo towers carrying Marriott International's Edition brand.

Attorneys for the unit owners, Jeffrey Lam and Glen Waldman of Armstrong Teasdale, issued a statement. "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," Lam said. "After everything they have through, they can finally move forward."

Taylor Collins expressed gratitude to his team and partners. "This has been a long and arduous process," he said. "We’re excited to now turn our full attention to realizing the extraordinary potential of this irreplaceable waterfront site."