South Florida-based developer Two Roads Development has bought Biscayne 21, a 191-unit condominium, for $150 million in Miami’s Edgewater neighborhood.
The sales mark the acceleration of a trend that attorney Joe Hernandez of Weiss Serota Helfman Cole + Bierman in Coral Gables says started 10 years ago. More developers are buying residents out of their condos to tear down and build a newer residences. The collapse of Champlain Towers South in June 2021 has really accelerated the trend as there’s now more desire to get out of, or rebuild and replace, older buildings.
Coral Gables attorney Joe Hernandez of Weiss Serota Helfman Cole + Bierman. Courtesy photo
