Two Roads Development paid $50 million to end a three-year fight over a 1964 Edgewater building it had already spent $150 million on. The lesson is in the condo documents.
On August 31, Two Roads Development settled with the last 10 owners at Biscayne 21, the 191-unit, 1964 condominium on a 3.5-acre bayfront site at 2121 North Bayshore Drive in Edgewater. Commercial Observer and Florida YIMBY both put the settlement at about $50 million. The developer had already paid at least $150 million in 2022 for the majority of the units.
The holdouts sued in 2023 after the developer moved to terminate the condominium. Florida statute allows termination with 80% owner approval, but Biscayne 21's own governing documents required 100%, and the courts held that the stricter document controlled. Florida's Third District Court of Appeal ruled for the owners in July 2025, the Florida Supreme Court declined the developer's appeal in October 2025, and a Miami-Dade circuit judge ordered the developer to pay earlier this year. The settlement closes the file.
The Edition Residences, designed by Bernardo Fort-Brescia of Arquitectonica with interiors by Studio Munge, is planned at 55 stories and 649 feet with 185 condos, immediately north of Margaret Pace Park on Biscayne Bay. Pricing launched from $1.7 million, and Commercial Observer reports the project roughly 40% pre-sold.
If you own in an older bayfront building in Edgewater, Brickell or on the beach, your declaration of condominium is now one of your most valuable documents. A 100% termination clause is what turned ten units into $50 million. Land is being priced accordingly: a one-acre Brickell riverfront assemblage traded for $50 million in August, sold by the same Two Roads. Before you sign a buyout offer, or dismiss one, know your termination threshold, know what the dirt under you is worth to a developer, and get advice that is not coming from the buyer's side of the table. This is the off-market conversation I have with owners every week.
I'll read your condo documents, pull the land comps and tell you what your unit is worth to a buyer who wants the whole site.
Start the conversation →Cover photography: Creative Commons / public domain — photo credits.
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