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Two Roads Development pays $50M to settle Biscayne 21 holdouts
The settlement clears the way for the developer to demolish the 13-story structure in the next two to three weeks and start vertical construction on three Marriott Edition-branded condo towers.
After nearly three years of litigation over the planned demolition of a 61-year-old Edgewater condo building, Two Roads Development has agreed to pay $50 million to 10 holdout owners connected to Biscayne 21, according to Bisnow.
The dispute followed a state court order requiring the developer to return the holdout owners' units to their original condition even after demolition work had begun. Two Roads reached a deal with the owners to pay them and allow them to vacate the building, clearing the project for next steps.
The developer said it plans to demolish the 13-story structure at 2121 N. Bayshore Drive within two to three weeks, then begin vertical construction on three luxury condo towers carrying Marriott International's Edition brand.
Two Roads bought a majority stake in the 192-unit building for $150 million in 2022, financing the purchase with a $45 million mezzanine loan from Lionheart Strategic Management LLC and a $105 million senior mortgage loan from Bank OZK. Bisnow reports the project was delayed after 10 residents sued to block demolition, with appeals ultimately rejected by Florida courts, and a Miami-Dade judge later ordered restoration described by The Wall Street Journal as a potential $65 million cost.