Two Roads Development can now begin construction of its luxury residential project in Miami's Edgewater district, following a settlement that secures the company full control over the waterfront property. This agreement ends a three-year legal stalemate that had jeopardised the realisation of a significant luxury condominium development, the 55-storey Edition-branded high-rise.
The Miami-based development firm paid $50 million for the remaining units in the Biscayne 21 residential building, where the new development will be constructed. A representative for Two Roads Development, who declined to provide further details of the agreement, confirmed this. Demolition is expected this month, with vertical construction beginning shortly thereafter. To date, 40 per cent of the project has been sold.
Background to the legal dispute
In 2022, Two Roads Development acquired the majority of units in Biscayne 21, a condominium built in 1964 on a 3.5-acre plot at 2121 North Bayshore Drive, for at least $150 million. Shortly thereafter, the 185-unit development project, with prices starting from $1.7 million, was launched. The company also amended the bylaws of Biscayne 21 to dissolve the homeowners' association – a crucial step to gain full control of the 191-unit building, demolish it, and then begin construction.
In response, 10 owners who had not sold their units filed a lawsuit in 2023. A Florida court ruled in favour of the owners, finding that Two Roads had unlawfully amended the Biscayne 21 bylaws. This ruling shocked the real estate industry in South Florida. The Florida Supreme Court declined to hear Two Roads Development's appeal in October.
Implications and market context
Taylor Collins, Co-Founder and Managing Partner at Two Roads Development, commented on the settlement: "This has been a long and arduous process, and we are grateful to our team and partners who remained committed throughout. We are thrilled to now fully dedicate our attention to realising the extraordinary potential of this irreplaceable waterfront location."
Jeffrey Lam, a partner at Armstrong Teasdale and representative for the remaining owners, stated: "Almost exactly three years after our clients were displaced from their long-time homes, we are pleased to have reached a favourable resolution on their behalf." Since the devastating collapse of the Champlain Towers South condominium in Surfside five years ago, the number of property dissolutions has sharply increased. New regulations require condominium owners to fund building repairs, which can often be costly for older structures. Instead, some choose to sell to developers seeking access to desirable and limited waterfront land.
