Jacksonville, December 19, 2025
The historic Barnett National Bank Building in Jacksonville has been sold for $15.63 million to Becovic Management Group, which plans to enhance the building with renovations and new amenities. The sale price was under the city’s assessed value of $20.84 million. Plans include completing the amenities center and converting floors into multifamily units. Additionally, the group plans to renovate the adjacent Laura Street Trio, adding commercial and residential spaces.
Historic Barnett Building in Downtown Jacksonville Sells for $15.63 Million
Jacksonville, Florida – The historic Barnett National Bank Building in downtown Jacksonville has been sold for $15.63 million. The buyer, Indiana-based Becovic Management Group, plans to complete renovations and enhance the building’s amenities.
Details of the Sale
Becovic Management Group acquired the 18-story Barnett Building, located at 112 W. Adams St., through BMG Barnett LLC. The seller was Barnett Tower 2 LLC, affiliated with SouthEast Development Group, which also owns the adjacent Laura Street Trio of historic buildings. The sale price was below the city’s assessed value of $20.84 million for the building. Becovic secured a $14 million mortgage from Wells Fargo Bank in Indianapolis to finance the purchase.
Renovation Plans
The Barnett Building, constructed in 1923, was transformed into The Residences at Barnett, a mixed-use development, in 2018. However, some areas remain unfinished. Becovic intends to complete the planned amenities center on the third floor and convert the sixth and seventh floors into multifamily units, adding 18 to 20 units to the building.
Acquisition of the Laura Street Trio
Becovic Management Group also plans to acquire the Laura Street Trio, comprising the Florida Life Insurance, Bisbee, and Marble Bank buildings. These structures, among the first built in Jacksonville after the 1901 fire, have been vacant for decades. Becovic aims to renovate all three buildings and add new construction, including multifamily units, a hotel, commercial and retail space, and a restaurant. Specific plans are still being determined, and the group is seeking financial incentives from the city for the project.
About Becovic Management Group
Founded in 1973 and led by president and owner Muhamed Becovic, Becovic Management Group is a privately held company based in Indiana. The group has developed and sold luxury apartment developments in Northeast Florida and owns properties such as Lost Lake at 8681 AC Skinner Parkway. In August, it sold The Howell at the Preserve Apartments at 780 Island Point Drive for $37.75 million.
Key Features of the Barnett Building Sale
| Feature | Details |
|---|---|
| Sale Price | $15.63 million |
| Buyer | Becovic Management Group |
| Seller | Barnett Tower 2 LLC (affiliated with SouthEast Development Group) |
| Building Address | 112 W. Adams St., Jacksonville, Florida |
| City Assessed Value | $20.84 million |
| Mortgage | $14 million from Wells Fargo Bank in Indianapolis |
| Renovation Plans | Complete amenities center on the third floor; convert sixth and seventh floors into 18 to 20 multifamily units |
| Laura Street Trio | Plans to renovate and add new construction, including multifamily units, a hotel, commercial and retail space, and a restaurant |
| Company Leadership | Led by president and owner Muhamed Becovic |
Frequently Asked Questions (FAQ)
Who purchased the Barnett National Bank Building?
The Barnett National Bank Building was purchased by Indiana-based Becovic Management Group for $15.63 million.
What are the renovation plans for the Barnett Building?
Becovic Management Group plans to complete the amenities center on the third floor and convert the sixth and seventh floors into 18 to 20 multifamily units.
What is the Laura Street Trio, and what are the plans for it?
The Laura Street Trio consists of the Florida Life Insurance, Bisbee, and Marble Bank buildings. Becovic Management Group plans to renovate these buildings and add new construction, including multifamily units, a hotel, commercial and retail space, and a restaurant.
Who is the leader of Becovic Management Group?
Becovic Management Group is led by president and owner Muhamed Becovic.
Deeper Dive: News & Info About This Topic
HERE Resources
Historic Laura Street Trio Attracts Out-of-State Buyer
Renewed Interest in Jacksonville’s Historic Laura Street Trio
Author: STAFF HERE JACKSONVILLE WRITER
The JACKSONVILLE STAFF WRITER represents the experienced team at HEREJacksonville.com, your go-to source for actionable local news and information in Jacksonville, Duval County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Jacksonville Jazz Festival, Riverside Arts Market, and World of Nations Celebration. Our coverage extends to key organizations like the Jacksonville Chamber of Commerce and JAXUSA Partnership, plus leading businesses in logistics, healthcare, and entertainment that power the local economy such as CSX Corporation, Baptist Health, and VyStar Credit Union. As part of the broader HERE network, including HEREOrlando.com, HEREStPetersburg.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
