Becovic won the Laura Street Trio with a $125,100 bid at a court-ordered auction, after thirteen years of failed plans by the previous owner.
- Winning bid
- $125,100
- Auction
- August 5, 2026
- Buildings
- Florida Life · Marble Bank · Bisbee
- Vacant since
- The early 1990s
- Protection
- Local landmark and historic district
Becovic took ownership of the Laura Street Trio on August 5, 2026, with a winning bid of $125,100 at a court-ordered foreclosure auction. The three buildings stand at the northeast corner of Laura and Forsyth in Downtown Jacksonville: the Florida Life Insurance Building, the Old Florida National Bank, better known as the Marble Bank, and the Bisbee Building.
They were among the first buildings put up after the fire of 1901 burned most of the city, and they have stood empty for decades, ground-floor openings boarded and upper windows gone.
“We are pleased to confirm our acquisition of Jacksonville’s historic Laura Street Trio through the auction process. These landmark buildings hold a special place in the city’s history and represent an important opportunity for the future of downtown Jacksonville.”
The lawsuit behind the auction
The sale came out of a lawsuit the City of Jacksonville filed in November 2024 against Laura Trio LLC and Red Oak Capital Fund II LLC. The city alleged that Laura Trio LLC, affiliated with the Trio’s owner SouthEast Development Group, owed $827,500 in fines for municipal code violations.
ROCF II Series, a series of Red Oak Capital Fund Series LLC, assigned the mortgage on the three buildings to BMG Trio LLC. Becovic took over that mortgage in February 2026, months after buying the Barnett building across Laura Street. Because Becovic held the debt, any rival bidder would have had to pay off Becovic’s mortgage as well as the city’s fines.
Thirteen years of plans
Steve Atkins, principal of SouthEast Development, bought the buildings in 2013. In 2017 the City Council approved $5.8 million in public incentives toward a $44.6 million project that would have restored the three buildings and nothing more.
By 2021 SouthEast was seeking $26.6 million in incentives for a $70.4 million plan that added new construction for a Marriott Autograph Collection hotel. In 2023 it came back asking for $63.5 million toward a $175 million version with 149 market-rate and workforce apartments.
That June the Downtown Investment Authority board voted 5–1 to send the term sheet to the Council with no recommendation. DIA staff had reported that the project fell short of the authority’s criteria on private investment and public return. The Council rejected the enabling legislation and sent it back to the DIA in January 2024. In the next round, SouthEast put the cost at $191.2 million and asked for $87.2 million in incentives, which would have left the city carrying close to 46 percent of the cost.
Landmark protections and Becovic’s plans
The buildings have two layers of protection. All three are local historic landmarks, and all three are listed as contributing structures inside the federally designated Downtown Jacksonville Historic District. A request to demolish any of them would go first to the city’s Historic Preservation Commission, then to the Council’s Land Use and Zoning Committee for a recommendation, and only then to the full Council.
In a July 22 interview, Muhamed Becovic said Becovic still intended to redevelop the Trio for hospitality, food and beverage and residential use. Becovic already owned The Residences at Barnett across the street, and it bought The Carling and 11 East within two weeks of the auction.
“We appreciate the significance of this property and look forward to engaging with local leaders, stakeholders, and the broader community as we evaluate the path ahead. We will release further information about our plans in the near future.”
