Becovic paid $15.63 million for the 18-story Barnett National Bank Building, with 107 apartments and a renovation the previous owner left unfinished.
- Price
- $15.63 million
- Closed
- December 10, 2025
- Seller
- Barnett Tower 2 LLC
- Height
- 18 stories
- Apartments
- 107, on floors 8–18
Becovic said on December 4, 2025, that it intended to buy both the Barnett National Bank Building and the Laura Street Trio. It closed on the Barnett six days later, paying $15.63 million through BMG Barnett LLC. The seller, Barnett Tower 2 LLC, was affiliated with SouthEast Development Group, which also owned the Trio.
Becovic paid less than the city’s assessed value of $20.84 million and took a $14 million mortgage from Wells Fargo Bank in Indianapolis. The deed lists existing leases with JPMorgan Chase Bank and the University of North Florida.
An unfinished renovation
SouthEast and the Las Vegas-based Molasky Group of Companies converted the building into The Residences at Barnett in 2018, with Danis Construction as contractor; the owner had applied in 2017 for a permit of almost $22.4 million to do it. They built 107 apartments across eleven floors, from the eighth to the eighteenth, and left office space below them.
They left out the amenity floor and the two extra residential floors the plans had called for.
“That building has no amenities. So the third floor will be an amenity center, which will start immediately. Then the sixth and seventh floor, which were initially planned to be additional commercial space, we’re actually going to convert that into multifamily.”
Roberts said the group was still working with architects on the sixth and seventh floors but expected 18 to 20 units. The city’s permits eight months later put the number at 18.
The Trio, across the street
The Trio sale fell through. Becovic had a tentative closing date of December 18, 2025, which passed without a recorded sale, and Becovic won the buildings at a foreclosure auction the following August. Its plan is the one Roberts described in December: apartments, a hotel, commercial and retail space and a restaurant, built in phases.
“Our plan is to renovate the three existing buildings as quickly as possible, and then there will be a new construction component that will come after that. We think that by phasing it out, it will not only yield a faster return, but it will give Jacksonville a faster finished product quicker than what was originally anticipated.”
The company, founded in 1973 and led by president and owner Muhamed Becovic, already owned Lost Lake at 8681 AC Skinner Parkway in Jacksonville. That August it had sold The Howell at the Preserve Apartments on Island Point Drive for $37.75 million.
