The new owner of the Barnett building on Laura Street has assumed the mortgage on the long-vacant Laura Street Trio, bringing both properties under a single ownership. This consolidation raises the possibility of future construction, though liens, city fines, and preservation requirements remain in place, potentially delaying work on the site.
A court filing recorded Feb. 2 shows that the mortgage on the three buildings at Laura and Forsyth was assigned to BMG Trio LLC from ROCF II Series, a Red Oak Capital Fund entity, with a principal of $6.3 million, according to the Jacksonville Daily Record. The filing lists Muhamed Becovic as manager of BMG Trio LLC, linking the mortgage to the same owner behind Becovic Management Group, which purchased the Barnett building in December. One day after the assignment, Dasher Hurst Architects filed a lien for $474,149.45 for work on the Trio, adding another claim to the property’s title.
Becovic’s group completed its purchase of the Barnett National Bank Building in December 2025 and outlined plans to finish the tower’s unfinished amenity space, restore the Trio’s historic shells, and add new construction, as per Jacksonville Today. The company described a phased approach that would preserve the landmark facades while adding multifamily, hotel, and retail space on the block. With both the Barnett and the Trio under one ownership, lenders and city officials can coordinate with a single development team, which could facilitate financing if outstanding liens and fines are resolved.
The mortgage transfer comes amid a city foreclosure case related to municipal code fines. The city initially filed suit in August 2024, refiled in November 2024, and cited roughly $827,500 in unpaid fines against Laura Trio LLC. Officials paused the case in early 2025 during negotiations with a potential buyer, then resumed it after that deal fell through. The outstanding fines remain a key obstacle to a clean closing and the start of construction.
Historic Status And Incentives Shadow The Deal
The Florida Life Insurance, Bisbee, and Marble Bank buildings are local landmarks and contributing properties within the Downtown Jacksonville Historic District. This designation means any demolition or major exterior changes require review by the Historic Preservation Commission and likely approval by City Council. Records from the Downtown Investment Authority show years of proposed incentive deals, term sheets, and staff analyses dating back to 2017, reflecting ongoing discussions between city leaders and developers about public funding for revitalizing the corner. The materials indicate that rising construction costs, changing designs, and questions about private equity funding have repeatedly required renegotiation.
What Comes Next For The Trio
For BMG Trio LLC, the immediate tasks include resolving the architect’s lien, addressing the city’s code-violation claims, and clearing the title to support new construction financing. Even with control of the mortgage, the developer still requires approvals from historic preservation authorities and will likely need to work with the DIA and City Council on incentives to cover gaps in the rehabilitation budget. The timeline for completing these steps will determine whether construction can begin or if the project faces further delays.
Public filings currently provide the clearest view of what has changed and what remains unresolved. No detailed construction timeline has been released by the parties involved. Court dockets and DIA agendas will be monitored as BMG Trio LLC, lienholders, and city officials work to address financing, fines, and preservation requirements at one of Downtown Jacksonville’s closely watched historic corners.
