Two Roads Development has reached a settlement with the remaining holdout condominium owners at Biscayne 21, effectively bringing an end to a multi-year legal battle over the Miami waterfront property. This resolution follows a Miami-Dade Circuit Court judge's order for Two Roads to repair the building to a habitable condition after it had sat vacant and partially stripped for nearly three years. The developer had initially aimed to demolish the 13-story, 192-unit building and replace it with three luxury condo towers under a Marriott International Edition flag.
The dispute began after Two Roads acquired a majority of the units at Biscayne 21 for $150 million in 2022. The developer then modified the condominium association's bylaws to lower the voting threshold for termination from 100% to 80%. After emptying the building and discontinuing utilities, 10 unit owners who refused to sell filed a lawsuit to void the termination. The Third District Court of Appeal ruled in March 2024 that the condo association could not be terminated without the consent of all residents, a decision later upheld by the Florida Supreme Court.
The judge's subsequent ruling in October mandated Two Roads to restore the building to its May 2023 condition, a repair estimated to cost $65 million on top of the initial $150 million acquisition debt and existing demolition costs. The situation had become a case study for the complexities and risks associated with condo association terminations, highlighting how a small number of holdout owners could significantly impact large redevelopment projects in South Florida. The recent settlement finally resolves this high-profile case.
