For decades, Biscayne 21 was simply home. Built in 1964, the 13-story, 192-unit condominium at 2121 North Bayshore Drive occupies a prime 3.5-acre site on Biscayne Bay, with more than 830 feet of waterfront that, in today's South Florida market, carries substantial redevelopment value.
Robert Murphy understood what he had when he bought his unit for $272,000 in 2012. What he didn't anticipate was that a developer would one day decide the land beneath his home was worth far more than the building standing on it.
When Two Roads Development arrived with plans to raze the tower and replace it with an ultra-luxury branded residence, Murphy became one of 10 unit owners who refused to sell. That refusal set off one of the most consequential legal battles in Florida condominium history — and on Jan. 12, 2026, a Miami-Dade judge handed the holdouts a landmark victory.
Rendering showing the prime waterfront location of Biscayne 21
By then, the stakes were no longer abstract. Windows had been removed from their frames. The hum of air conditioning had given way to wind moving through empty corridors. Flooring, finishes and plumbing had been stripped away, leaving the waterfront tower partially demolished and uninhabitable while the legal fight continued.
THE DEVELOPER'S PLAN
The financial logic behind Two Roads' plan was straightforward. The developer, operating through its affiliate TRD Biscayne LLC, took on $150 million in debt in 2022 to acquire 183 of the building's 192 units. The goal was to demolish the aging structure and develop the Edition Residences, a branded Marriott International luxury tower. The developer also presold more than $275 million in units and collected 20 percent deposits from buyers.
The South Florida market provided ample justification for the bet. Million-dollar condo sales in the region more than doubled between 2019 and 2025, according to Gay Cororaton, chief economist at Miami Realtors.
(Courtesy Two Roads Development)
RenderingEdition Residences Miami Edgewater, the tower Two Roads Development have planned for the Biscayne 21 site.
But executing the plan required one thing the developer couldn't simply buy: the legal right to terminate the existing condominium association. And that's where the deal began to unravel.
THE DISPUTE OVER CONSENT
Under Florida law as amended in 2007, a condominium association can typically be terminated with approval from 80 percent of owners under Fla. Stat. § 718.117, provided no more than 5 percent vote to block it. But Biscayne 21 predated that standard. Its original declaration of condominium required unanimous owner consent for termination — meaning every one of the 192 unit owners had to agree.
Ten did not.
Faced with the holdouts, Two Roads gained control of the condo board and moved to rewrite the rules. In August 2022, the developer recorded an amendment lowering the termination threshold from 100 percent to 80 percent. It also added so-called Kaufman language, intended to incorporate future changes in Florida condo law into the governing documents. With the amended rules in place, Two Roads proceeded with a termination vote.
The holdout owners sued in May 2023 to stop it, arguing that the original declaration gave them contractual rights that could not be stripped away by a later amendment. Even as the case moved through the courts, the building began to be gutted — a decision that would become central to the dispute.
COURTS SIDE WITH THE HOLDOUTS
The legal tide turned in July 2025, when the Third District Court of Appeal reversed a lower court's denial of a temporary injunction. The appellate court ruled that lowering the termination threshold improperly stripped owners of their implied veto power and that the Kaufman language did not validly amend the termination provision.
Two Roads sought review by the Florida Supreme Court. On Oct. 14, 2025, the court declined jurisdiction.
A further major ruling came on Jan. 12. Miami-Dade Circuit Court Judge Thomas J. Rebull issued an order declaring the 2022 termination and Kaufman amendments void and enjoining the defendants from terminating the condominium without unanimous owner consent. He affirmed that title to the plaintiffs' units remained with them under their original deeds and ordered TRD Biscayne LLC and the association to restore the condominium's governance structure within 30 days.
The judge's order also required Two Roads to restore the partially demolished building — at the developer's sole expense, with no assessments levied against the plaintiffs.
Two Roads Development started demolishing Biscayne 21 even though 10 unit owners refused to sell their condos.
For the holdout owners, the ruling distilled the case to a simple principle.
"The judge's order says you can't just break a building to win a lawsuit," said Glen H. Waldman, their attorney. "You broke it, you fix it."
But even with the Jan. 12 ruling, the future of Biscayne 21 remains unsettled as related litigation continues.
A $65 MILLION MANDATE
In his order, Rebull cited the association's governing documents in support of the restoration requirement. Article VI requires the association to maintain, repair, and replace structural elements, including roofs, exterior walls, load-bearing columns, and utility infrastructure. The order concluded that because those elements had been removed, the association was required to restore them.
The projected cost is substantial. According to a report commissioned by Bank OZK, restoring the building to its previous condition would cost approximately $65 million. The developer's own estimates place the figure between $61 million and $65 million — a sum that dwarfs the $2.85 million demolition budget originally planned for the site.
NEW LAWSUITS, NEW STRATEGIES
TRD Biscayne LLC filed a new lawsuit Jan. 30 in Miami-Dade Circuit Court seeking to dissolve the Biscayne 21 condominium association through equitable termination — a court-supervised process distinct from the statutory procedure the developer had previously attempted.
Attorney Taylor Collins, representing the developer, defended the move.
"The equitable termination petition asks the court to address the current condition of a building that has suffered from decades of deferred maintenance and systemic infrastructure failure," Collins said. "Independent assessments have demonstrated that restoration would require extraordinary investment well beyond the value of the structure itself. We believe the equitable process allows the court to reach a fair and realistic resolution."
The holdout owners are pressing their own claims aggressively. In February 2026, the group filed an amended complaint seeking more than $100 million in damages for alleged fraud and wrongful eviction.
Their attorney, Glen H. Waldman, was blunt about the strategy. "We are going after all of them," he said.
Of the developer's decision to begin demolition before securing a final legal ruling, Waldman added, "They should never have gone ahead and got over their skis like they did before they had absolute certainty that they had a right to do what they did."
According to The Wall Street Journal, a representative for Two Roads had previously noted a desire for "a settlement agreement with the remaining holdout owners at Biscayne 21 and moving the project forward."
A CAUTIONARY TALE FOR FLORIDA DEVELOPERS
The Biscayne 21 case arrives against a backdrop of increasing complexity in Florida's condominium market. In 2022, the state legislature passed safety mandates affecting nearly 1.5 million condo units and 28,000 associations — legislation prompted by the 2021 Surfside collapse that killed 98 people. Those regulations have made maintaining older buildings significantly more expensive, driving many owners toward bulk-sale arrangements with developers.
But the Biscayne 21 dispute may show limits on how developers can pursue those deals when governing documents require stronger owner consent.
"Financing bulk transactions like the one at Biscayne 21 has increasingly become much more difficult in the last two years," said Joseph Hernandez, according to The Real Deal.
For Murphy, the outcome was never primarily about money. It was about his home — the water view he purchased in 2012, the life he built in a building that became the focus of a redevelopment push.
"I had no desire to sell it, and I still don't want to sell," he told The Wall Street Journal. Looking towards the day the building is made whole again, he said simply: "I hope to go back there soon."
Biscayne 21 Timeline of Events
1964
Biscayne 21 is constructed as a 13-story, 192-unit residential tower with 830 feet of waterfrontage.
1974
The original condominium declaration is recorded, establishing the governance of the building. Mandates 100% (unanimous) owner approval for termination of the condo association.
2007
Florida amends state condo laws regarding termination thresholds. Allows associations to terminate with 80% approval unless 5% or more object.
2019
Two Roads Development begins quietly acquiring individual units at Biscayne 21.
2021
The collapse of Champlain Towers South leads to new state safety and inspection laws. Increased financial pressure on older buildings via mandatory safety inspections and reserve funding.
2022
Two Roads Development (via TRD Biscayne LLC) completes a bulk buyout of approximately 95% of units. Developer pays $150 million and gains control of the condo board.
August 4, 2022
The developer-controlled board records an amendment to the declaration regarding termination. Attempts to lower the termination threshold from 100% to 80%.
August 25, 2022
The board records a 'Kaufman Amendment' to the declaration. Attempts to subject the building to current Florida Condominium Act statutes automatically.
November 29, 2022
The developer formally records the Plan of Termination for the condominium.
May 2023
Holdout owners file a lawsuit to block the termination and demolition. Plaintiffs allege illegal violation of their contractual voting rights.
August 29, 2023
Miami-Dade Circuit Court denies the plaintiffs' motion for a temporary injunction. Permits the developer to proceed with preliminary construction work while litigation continues.
November 28, 2023
Trial court grants partial summary judgment to the developer. Rules that the declaration was properly amended to allow termination under current state law.
March 2024
Florida's Third District Court of Appeal (DCA) reverses the lower court decision. Finds that the original 100% threshold is a binding contract right that cannot be lowered without unanimous consent.
July 10, 2025
Third DCA issues a revised opinion and certifies a question of 'great public importance'. Maintains ruling against the developer; sends the issue to the Florida Supreme Court.
October 14, 2025
The Florida Supreme Court declines the developer's petition for review; the pro-owner appellate ruling becomes final.
January 12, 2026
Judge Thomas Rebull issues a sweeping order for restoration and vacates prior developer victories. Developer ordered to restore building to its May 2023 condition at an estimated cost of $60M-$65M.
January 30, 2026
TRD Biscayne LLC files a new lawsuit seeking 'economic termination'. Argues it is financially unfeasible to repair the now-gutted building.
February 2026
Residents submit an amended complaint seeking at least $100 million in damages for alleged fraud and wrongful eviction.