Two Roads Development has been ordered by a Miami-Dade judge to restore the Biscayne 21 condominium building in Miami’s Edgewater neighborhood, following a prolonged legal dispute with holdout condo owners. The developer, based in Miami and West Palm Beach and led by Taylor Collins and Reid Boren, must make the waterfront property habitable again. This includes repairing the building and restoring essential utilities such as air conditioning, water, and electricity.
The decision comes after Judge Thomas Rebull ruled in favor of a group of condo owners who sued Two Roads Development and the developer-controlled condo association in 2023. Two Roads had acquired most units in the 1964-built bayfront building for about $150 million in 2022.
Central to the case was an amendment made by the developer-controlled association that lowered the threshold for terminating the condominium from unanimous consent to just 80 percent of owners. Termination is necessary for redevelopment plans. Courts determined this change was illegal, affirming that unanimous consent was required according to the original condo declaration. Florida’s Supreme Court declined last year to hear a further appeal from Two Roads, effectively ending their options for contesting this aspect of the ruling.
In response to Monday’s court order requiring repairs, Two Roads stated it “anticipated” such an outcome and would comply fully with all judicial directives. “The building remains vacant and non-habitable, and any future reconstruction would require professional review and owner approval under the declaration. We will strictly follow Florida laws in this matter,” said a spokesperson for Two Roads.
Jeffrey Lam, attorney for eight of the holdout owners, said he believes “the building is still structurally sound.” He added: “The ultimate goal is that we get our clients back to their homes.” Glen Waldman, another lawyer representing these owners, expects repair costs will be significant but manageable: “This is where a number of our clients wanted to live out the rest of their lives.”
Lam and Waldman indicated they plan to expand their legal action by filing an amended complaint adding more parties—such as lenders, principals, and former board members—to their claims.
To finance its bulk purchase in 2022, Two Roads secured a $45 million mezzanine loan from Lionheart Strategic Management LLC (an affiliate of Fisher Brothers) along with a $105 million senior mortgage from Bank OZK. The company has since faced growing interest obligations on these loans amounting to millions of dollars.
After acquiring most units at Biscayne 21, Two Roads began marketing one of three planned Edition towers—a proposed 55-story project with units starting at $1.7 million—just months later. Holdout owners Angelica Avila, Nicolas Bello, Maria Beatriz Gutierrez, Franah Vazir-Marino, Murphy, George Garcia; two couples Lazaro Fraga & Jacqueline S. Fraga; Jeffrey Ulman & Shari Ulman brought suit against Two Roads following these developments.
