EDITION Residences Miami Edgewater

Reid Boren on the $50M Settlement and What Every Pre-Construction Buyer Must Ask

EDITION Residences Miami Edgewater is moving forward. In September 2026, Two Roads Development settled with the eight remaining Biscayne 21 owners for a reported $50 million, clearing the way for demolition and a 55-story, 185-residence tower priced from about $1.7 million, now expected to deliver in 2029. On this episode of the Better Decisions podcast, Two Roads founder and managing partner Reid Boren sat down with David Siddons to explain what went wrong, what he would do differently, and why he still believes Edgewater can become a $2,500 per square foot neighborhood.

Few Miami pre-construction stories have drawn more headlines. A high-profile launch, a stalled site, appeals, countersuits, and finally an eight-figure settlement. Most developers would have declined this interview. Reid Boren did not. And for anyone weighing a Miami pre-construction condo right now, the lessons in this conversation are worth more than any brochure.

Who Is Reid Boren and Two Roads Development?

Two Roads Development was founded after the Great Recession by Reid Boren and his partner Taylor Collins. Boren started in the mortgage business, then raised equity and ran mortgage, title, and sales programs for other developers. During the downturn, Two Roads worked out distressed condo inventory for major banks across Miami, West Palm Beach, Tampa, and Fort Myers. That path led to the firm’s first Miami tower, Biscayne Beach, followed by Elysee in Edgewater. Both were delivered as planned and now trade on the resale market. Today, Boren says Two Roads has roughly $5 billion under development across Florida, Las Vegas, and the Bahamas, including The Standard Residences and Lofty in Brickell. In other words, this was not a first-time developer. That context matters for everything that follows.

What Happened at Biscayne 21?

The EDITION site at 2121 North Bayshore Drive was home to Biscayne 21, an aging condominium facing mounting structural problems, mold, asbestos, and the kind of special assessments that have made many older Miami buildings hard to insure and nearly impossible to finance.

Two Roads entered as the high bidder when the owners took the building to market. The firm eventually controlled about 96% of the residences, paying owners roughly three times what individual units would fetch on the open market. Only eight owners refused to sell, and their resistance turned into one of the most closely watched condo termination battles in Florida.

• 2022: Two Roads acquires most units at Biscayne 21 for about $150 million and amends the association bylaws to allow demolition.
• Spring 2023: EDITION Residences contracts are signed, with buyers anticipating delivery around 2026 to 2028.
• 2024: Two Roads records a certificate of termination after a lower court rules in its favor. Eight owners appeal.
• July 2025: Florida’s Third District Court of Appeal rules the bylaw changes were improper. The Florida Supreme Court declines to hear the case.
• Early 2026: The circuit court orders damaged units to be restored.
• May 2026: Five EDITION buyers sue over roughly $2.5 million in deposits, claiming anticipatory breach.
• September 2026: Two Roads settles with the holdouts for a reported $50 million. Demolition begins.

The headlines framed this as a developer taking deposits on land it did not own. The fuller picture is more nuanced. Two Roads controlled the association board, held a clear majority well beyond the 95% threshold commonly used in Florida terminations, and won at trial. The original declaration of condominium, however, contained language requiring unanimous consent, and that is where the appellate court disagreed.

In the end, the deciding factor was not who would win in court. It was time. The appeals court reheard the case in full, could not reach agreement, and sent it back to the lower court. Two more years of litigation while carrying a $150 million-plus position made settlement the rational business decision.

The math shows the stakes on both sides. Had the holdouts lost, the trial court had valued all eight units at a combined $3.5 million, and they could have faced legal fees on top. Instead, they shared roughly $50 million, about $6 million per unit for apartments worth a few hundred thousand dollars on the open market.

The Lesson for Miami Developers: 100% or Nothing

The single biggest takeaway for the industry is simple: no developer should close on residences, demolish, or launch sales on a condo redevelopment until it controls 100% of the building. Two Roads has said openly that this is exactly what it would do differently. That lesson will ripple across the market. An estimated 20 to 25 aging Miami buildings face the same termination challenge today, and few developers will now pay for an older condominium without a guaranteed path to full ownership. Expect fewer condo terminations and fewer waterfront redevelopment sites in the years ahead.

The ruling also exposes a wider problem. Under current law, a well-funded investor could buy a single unit in several aging buildings and hold every redevelopment hostage. The people most at risk are often owners of modest units facing special assessments, insurance gaps, and buildings that lenders will no longer finance after the post-Surfside reforms. Florida’s legislature will likely need to create a clearer, workable path for condo terminations.

Are Original EDITION Buyers Protected?

Two Roads honored every original contract at the Edition Residences at the original price, even though many early buyers locked in near $1,000 per square foot and construction costs have risen sharply since. The project was never placed in bankruptcy, never went to special servicing, and the developer carried the loan itself throughout the delay. That matters. In a market where buyers worry about developers walking away or repricing contracts, Two Roads absorbed an expensive loss rather than pass it on. The developer estimates the entitled, site-ready land with 50% of the building sold would cost close to $300 million to acquire today, roughly what it now has invested. For buyers, the practical result is this: early contract holders are getting a larger, more valuable Edgewater asset at a 2023 price, with a longer wait.

Is EDITION Residences Edgewater Worth $1,800 Per Square Foot?

Over the past six months, the top Edgewater resale trades have reached about $1,300 per square foot, at buildings like Missoni Baia and Aria Reserve. EDITION is priced around $500 per square foot above that. The premium rests on four factors:

1. A rare site. Water on two sides and a park directly across that will not be built on, creating protected views of Biscayne Bay, the Port of Miami, and South Beach from 55 stories.
2. A true campus. A second building with destination food and beverage, plus a strong wellness focus under the EDITION brand created by Ian Schrager.
3. Quality neighbors. New towers nearby, including Villa, are lifting the entire Edgewater submarket.
4. Central location. Quick access to Brickell, the Design District, Wynwood, Miami Beach, I-95, and Miami International Airport. Put your finger on the middle of Miami, and you land in Edgewater.

The target buyer is a young, sophisticated professional or family in the $1.7 million to $3 million range, focused on health and lifestyle. Demand is coming from New York, California, Seattle, the UK, and Mexico, where a strong peso has created new purchasing power. Compared with New York, where very little sells below $2,500 per square foot, a $2,500 per square foot Edgewater is a realistic long-term scenario.

The 2028 Condo Cliff: Should Edition Buyers Worry?

Just under 4,000 new condos are in the pipeline in the Great Downtown area, landing in a market already sitting on 18 months of inventory. Remove luxury towers like Mandarin Oriental, St. Regis, and 1428 Brickell, and about 3,300 one- and two-bedroom units remain, competing for the same buyers and tenants as 1010 Brickell or Brickell Heights.

About 25% of new condos typically return as resales at delivery. That is roughly 825 units on top of the 750 newer condos for sale today, an increase of about 110%. Unless demand doubles too, prices correct, and the other 75% becomes rental supply. Early signs are already here: Aston Martin Residences has seen considerable price corrections, and other generic new buildings are selling at discounts.

EDITION, delivering in 2029, plays in a different pool: branded, waterfront, and built for end users. Our view is clear. The condo cliff will hit generic and previous-generation product hardest. If you own or are under contract in a generic 2028 tower, plan your exit or rental strategy now, not after the keys arrive.

What Every Miami Pre-Construction Buyer Must Ask

The most common question from New York and California buyers is how much of their deposit a Florida developer can spend.

In Florida, developers can use deposit funds above 10% of the purchase price for construction if the contract allows it. That is very different from New York and California. Once that money leaves escrow, it is in the steel, glass, and concrete. It cannot be clawed back. Meanwhile, standard developer contracts often include force majeure and outside-date language that can extend delivery years past the expected date.

Before you sign, ask:

• Does the developer own the land and building outright, free and clear?
• Is there anything that could cloud the title, or anyone who could claim the right to stay?
• What is the outside delivery date, and what triggers a refund?
• How much of my deposit can be used for construction, and when?
• What is this developer’s track record of delivering on time?

This is why Siddons Group negotiates custom contract addendums that define how escrow funds are allocated, when payments are due, and when you get your money back if the timeline slips.

The Better Decision

EDITION Residences Miami Edgewater is not the same story it was a year ago. The land is controlled, demolition has started, and the developer stood behind its buyers through a very expensive fight. Edgewater’s waterfront remains one of Miami’s most compelling long-term plays. But this case proves one thing beyond doubt: in Miami pre-construction, the contract is the investment. The building on the rendering is only as good as the title under it, the escrow terms behind it, and the developer’s willingness to perform when things go wrong.

The Siddons Group has sold new development in Miami for 20 years, with more than $4 billion in career sales. We have also walked clients away from deals that did not pass our test. We are independent, we do not work for developers, and we are not in a sales office to sell for the sake of selling. We work for you.

Considering EDITION Residences Edgewater or any Miami pre-construction condo? Get our independent analysis of the project, the contract, and how it compares with every new tower delivering in 2028 and 2029 before you commit a single dollar.

• Book a private 30-minute strategy call: calendly.com/david_siddons_group/30min
• Call: 305.508.0899
• Email: [email protected]

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