The primary task of research, which resulted with this thesis, is to point out the existing potentials for conversion of historical buildings that are owned by the Republic of Croatia. The research aims to show that it is possible to change the ownership and revitalize buildings that were once of great importance in the past, but today are mostly unknown to the general public because they do not belong to the culturally exploited heritage recognized by tourists. This work is an integral part of the project management and is entirely focused on the cultural heritage of the object called Murković's mill in the town of Gospić. Its conversion would create a new socially and culturally recognized space with a museum-gallery function. The research shows the potential, which could result in success in the Lika region itself and the town of Gospić. This project would also be recognized as a tourism phenomenon in the Republic of Croatia, through which younger generations would get to know each other and tourism workers would be educated. The set hypotheses are intended for researching the past of Murković's mill. Its function, and the possibilities of cultural heritage preservation, was made possible thanks to scientific methods, the use of various sources and literature, and the analysis of the environment with which we were able to confirm the set hypotheses. The diploma thesis points to an example of good practice in the Republic of Croatia and could be used as a paragon according to which new generations of students would be encouraged to conduct research on similar objects, thus saving them from oblivion and deterioration.