Biscayne 21 Holdouts Settle for $50M, Clearing EDITION Edgewater

Two Roads Development settled with the last owners of Biscayne 21, the bayfront condo at 2121 North Bayshore Drive in Edgewater, paying about $50 million for their units, according to reports published between August 31 and September 2, 2026. The deal ends years of litigation and lets the developer demolish the old building and start EDITION Residences, a planned 55-story, 185-unit tower that has been in sales since 2022.

How the holdouts won leverage

Two Roads bought most of Biscayne 21's units in 2022 to terminate the condominium and redevelop the site. A group of owners refused to sell and sued. Florida courts sided with them: Commercial Observer reported that a court found the developer had improperly changed the association's governing documents to make termination easier, and the Florida Supreme Court declined to hear Two Roads' appeal. Bisnow reported that in January a Miami-Dade judge had ordered Two Roads to restore the building to its May 2023 condition, even though demolition had begun.

The settlement price, about $50 million, was reported by both Bisnow and Commercial Observer. A Two Roads representative declined to give further detail.

Why this matters beyond one building: owners in older buildings who receive a termination offer should know that Biscayne 21 shows that a minority of owners can block or delay a buyout when the declaration's termination rules were not followed, and that the cost of settling with holdouts can be large. Own.Miami's deed data counts 2,625 condo sales classified as buyouts or terminations across Miami-Dade since 2016.

The planned tower

According to Florida YIMBY and Condo Black Book:

• 55 stories and about 649 feet, designed by Bernardo Fort-Brescia of Arquitectonica
• 185 residences, from one-bedroom-plus-den units to four-bedroom homes and three tri-level penthouses
• interiors by Studio Munge; amenities run by EDITION
• about 800 feet of frontage on Biscayne Bay next to Margaret Pace Park

Prices started at $1.7 million when sales launched in 2022, and Commercial Observer reported the project about 40% presold in September 2026. Demolition was expected that month, with vertical construction to follow; no completion date has been announced.

The developer's track record in Edgewater

Two Roads already delivered a bayfront tower a few blocks away. Elysee, at 788 NE 23rd Street, is a 57-story tower of about 100 residences. From Own.Miami's data as of October 13, 2026, it closed 11 resales on the MLS in the last 12 months at a median of $2,850,000, or $1,087 per square foot, and lenders rate it "good" on Own.Miami's Financeability Index (63 out of 100).

For comparison, Missoni Baia, another new bayfront tower nearby, closed 20 sales at a median of $986 per square foot.

The Edgewater market an EDITION buyer faces

The Edgewater market report counts 531 condos for sale against 467 closings in the last 12 months, about 13.6 months of supply, with a median sale of $604 per square foot as of October 13, 2026. Own.Miami treats more than nine months of supply as a buyer's market. A preconstruction contract signed today will close into whatever that market looks like several years from now.