What Is Condo Termination? Inside the Biscayne 21 Case (2026 Update)

Condo termination in Florida is the legal process that ends condominium ownership of a building so it can be sold or demolished, usually forced by a developer or majority of owners. The association itself continues to wind things up. Florida law (Fla. Stat. §718.117(3)) sets the bar for a residential building at 80%: at least 80% of all the unit votes in the association must approve a termination plan, and the plan fails if 5% or more of those votes are cast against it or filed as written objections. Florida's Third District Court of Appeal blocked Two Roads Development from terminating Biscayne 21 after the developer lowered its 100% approval requirement to 80%, and the Florida Supreme Court declined to hear the appeal in October 2025. The holdout owners settled and sold their units in late August 2026.

Imagine receiving a letter from your condo association saying you have six months to move out, not because you broke any rules, but because a developer bought enough units to legally force everyone to sell.

This nightmare scenario, known as condo termination, played out over years at a 191-unit Miami high-rise. A group of holdout owners fought a developer's attempt to force a building sale and won in court at every level. In late August 2026 they settled and sold their units anyway.

The Biscayne 21 case has major implications for anyone buying or owning a condo. Here's what you need to know about termination clauses in your condo declaration, and how to protect yourself before it's too late.

Biscayne 21 is a 14-story condo building in Miami's Edgewater neighborhood, built in the 1960s. Starting in 2019, Two Roads Development began quietly acquiring units. By 2022, the company had majority ownership and attempted to terminate the condominium to demolish it for luxury redevelopment.

The problem? The building's original declaration required 100% owner approval for termination, essentially impossible to achieve.

The developer's strategy: Amend the declaration to reduce the threshold to 80%, which they could then meet with their majority ownership.

The court rulings: The Third District Court of Appeal imposed a temporary injunction in March 2024, then in July 2025 denied the developer's request for a rehearing and held that the building's original declaration gave each unit owner an effective veto over termination. The Florida Supreme Court declined to hear Two Roads' appeal in October 2025. In January 2026, Miami-Dade Circuit Court Judge Thomas Rebull ordered the developer to restore the building at its own expense (an estimated $65 million, according to a report commissioned by the developer's lender, Bank OZK) rather than terminate it. According to attorney Donna DiMaggio Berger, the court found that changing the vote requirement "materially changed owners' voting rights" and couldn't be disguised as a "procedural tweak."

How it ended: In late August 2026, Two Roads reached and funded a settlement with the remaining owners, who agreed to sell their units. Financial terms were not disclosed in the developer's announcement, though Florida YIMBY reported that Bisnow put the settlement at roughly $50 million. The owners won every contested ruling in the case and still sold, roughly three years after the suit was filed. That gap between winning the legal argument and keeping the apartment is the part worth carrying into your own purchase.

Timeline of the Biscayne 21 condo termination case

Condo termination (governed by state law and condo declarations) is the legal process of ending condominium ownership and selling the entire building or property as a single asset. In Florida the association continues after the plan is approved, with its powers to carry out the plan (Fla. Stat. §718.117(6)). Once terminated, individual unit owners lose their deeds and must vacate, usually in exchange for a buyout payment. In Florida, terminations are regulated under Florida Statute 718.117, which requires 80% owner approval, but if 5% or more object, the termination cannot proceed.

Why Developers Pursue Terminations

Developers target older buildings in desirable locations for several reasons:

• Land value exceeds the value of aging units
• Redevelopment opportunity for luxury high-rises or mixed-use projects
• Fewer obstacles than assembling land from multiple property owners
• Motivated sellers in buildings with high special assessments or maintenance issues

Who Benefits and Who Loses

Developers profit by acquiring land below market value and redeveloping for higher returns.

Some owners may welcome a buyout, especially those facing massive special assessments or struggling to sell units in aging buildings.

Other owners are forced out of homes they don't want to leave, often receiving buyouts below the cost of comparable replacement housing in the same neighborhood.

The Biscayne 21 case revealed a playbook that developers across Florida, and nationwide, are using to force condo terminations:

The developer playbook for forcing condo terminations

Strategy 1: Bulk Acquisition Over Time

Developers quietly buy units over several years before owners realize what's happening. By the time residents understand the threat, the developer often already controls well over half the building.

Strategy 2: Amending the Declaration

As the Biscayne 21 developer attempted, companies try to change the rules mid-game by:

• Lowering termination vote thresholds (100% → 80% → 51%)
• Redefining how votes are calculated (by unit vs. by ownership percentage)
• Adding termination provisions where none existed

The catch: Biscayne 21 owners won in court, and it took years and ended in a negotiated sale. The outcome depends heavily on your state's laws and your declaration's amendment procedures.

Strategy 3: Targeting Financially Distressed Buildings

Developers focus on condos with:

• High special assessments already levied or planned
• Low reserve funding
• Structural repair needs (especially in Florida post-Surfside)
• Rising insurance costs making ownership unsustainable

In these buildings, owners may vote for termination to escape financial stress, even if it means losing their homes.

Strategy 4: Offering Unequal Buyouts

Some developers offer higher payments to early sellers and lower amounts to holdouts, creating pressure to accept quickly.

Your condo declaration (also called CC&Rs or master deed) contains the rules for termination. Here's what to look for:

1. Termination Vote Threshold

Search your declaration for terms like "termination," "dissolution," or "sale of common elements."

Termination vote threshold risk levels explained

What to look for:

• 100% required = Best protection (but see Biscayne 21 for amendment risk). States like Illinois require 100%, making termination nearly impossible for large buildings.
• 80-90% required = Moderate risk if building is attractive to developers. The Uniform Condominium Act (adopted in 14 states) sets 80% as the standard threshold.
• 51-67% required = High risk; developer only needs simple majority. Colorado has 67%, the lowest threshold nationally.
• Silent on termination = Defaults to state law (often 80% if the UCA has been adopted)

2. How Votes Are Calculated

Termination thresholds can be measured by:

• Unit count (e.g., 80% of all units)
• Ownership percentage (weighted by unit size or value)
• Class of ownership (different thresholds for residential vs. commercial)

Why it matters: A developer controlling 30 large penthouse units might have 60% ownership by percentage but only 20% by unit count.

3. Amendment Procedures

Check how easily your declaration can be changed:

• What vote percentage is required to amend termination provisions?
• Can the board amend the declaration, or does it require owner vote?
• Are there "unamendable" provisions that protect core rights?

4. Buyout Calculation Method

Some declarations specify how buyout payments are calculated:

• Appraised fair market value of individual units
• Pro-rata share of total sale price
• Depreciated value (often lower than market)
• Silent (determined by state law or negotiation)

Best protection: Declarations that require independent appraisals and fair market value payments.

5. Right of First Refusal

Some declarations give the association or other owners the right of first refusal when units are sold, potentially blocking bulk acquisition by a single buyer.

6. Rental Restrictions and Owner-Occupancy Requirements

Ironically, buildings with strict rental caps may be more vulnerable to termination because developers can't use rental income to justify keeping the building operational. Owner-occupants may be more willing to sell and move than investors.

Related: How to Check for Rental Restrictions in HOA Properties →

Essential items to review in your condo declaration