In 2022, Two Roads Development, led by Taylor Collins and Reid Boren, acquired most of the condominium units at Biscayne 21 in Miami’s Edgewater neighborhood. The developer-controlled condo association subsequently amended the building’s termination statute, reducing the required approval threshold for termination from 100 percent to 80 percent. This legal step was necessary for Two Roads to proceed with plans to demolish the building.
The acquisition was financed through a $45 million mezzanine loan from Lionheart Strategic Management LLC and a $105 million senior mortgage from Bank OZK. Following this, Two Roads began marketing a new project called Edition Residences for the site.
However, some unit owners who did not sell their condos filed a lawsuit against both the developer and the association. All residents eventually vacated the property, which is now uninhabitable.
Earlier this year, Florida’s Third District Court of Appeal sided with the holdout owners, ruling that the original condo declaration required unanimous consent for termination. This decision invalidated the amendment made by the developer-controlled association.
The developer sought to escalate the case to Florida’s Supreme Court, but the court declined to hear it. As a result, Two Roads has no further avenues for appeal or leverage over holdout owners and declined to comment on its next steps.
Legal experts suggest two possible outcomes: a settlement between Two Roads and the holdout owners—potentially involving a new equity partner—or forcing repairs to make the building habitable again as a rental-heavy condominium. David Podein, an attorney at Haber Law not involved in the case, commented on the property’s value: “At the end of the day it is an extremely prime piece of waterfront property.”
Glen Waldman, attorney for the holdout owners, said lenders will play a significant role in resolving the situation. He stated that he plans to amend his pleadings in state court to seek more than $100 million in damages from Two Roads. Waldman added: “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 South Florida real estate news:
– Developer Mark Pulte sold an oceanfront mansion at 701 South Ocean Boulevard in Delray Beach for $59 million. The home spans 14,000 square feet and was completed two years ago.
– Cofe Properties purchased two warehouses—the Milam Dairy Commerce Center I and II—in Medley for $26.8 million from Prudence Investments.
– Armando Codina and his wife listed their Coral Gables estate at 50 Casuarina Concourse for $45 million as they plan to move into a luxury apartment being developed by Codina Partners.
– Miami-Dade County commissioners approved legislation aimed at making community composting more accessible and affordable. According to reporting by the Miami Herald, this initiative could help reduce landfill use and methane emissions by diverting organic waste.
Research by Mary Diduch contributed to this report.
