As of Monday, the Heritage Foundation of Williamson County-Franklin purchased a piece of prime real estate in downtown Franklin.
Located at 304 Public Square, the nonprofit organization for preservation closed on the 1,480 square foot building next to Capital Bank. Built in 1815, the structure stands as the oldest one on Public Square. For the last few decades, it has served as offices for an attorney. But during the latter part of the 1800s, it had a myriad of uses, ranging from doctors’ offices to a barber shop. Prior to the foundation’s ownership, Doug Darby owned the building.
This isn’t the first time the Heritage Foundation has purchased a building, but it is the first on the Public Square. In downtown, the nonprofit owns its current home in the Old, Old Jail on Bridge Street; Pioneer’s Corner; the Franklin Theatre and a lease with Dr. McPhail’s office on Main Street.
Downtown Franklin Association Coordinator Kristy Williams said the purchase of the building will promote more small business on the square versus opportunities for a chain store to move into the space. Williams said the foundation had known of the building’s availability since September and the nonprofit’s board has been working toward the purchase.
“We are honored to own the oldest commercial building in downtown Franklin,” Williams said. “We want to keep small business in business. This purchase will allow us to rent to an office or retailer. We could put a restriction on the building, and the note will have the cash flow from the rent. The building hasn’t been vacant long, but it’s been that way for a few months.”
The first floor of the building has a large reception and office area. In the back, it has an office and conference room, which leads to a parking area. The second floor has two offices along with a restroom. Separate central heat and air units are on each floor. Two parking spaces are at the back, with a small amount for a retailer to potentially add on. If a retailer were to occupy the space, additional work to add a handicap accessible restroom would have to go into effect.
“What we haven’t done for the Heritage Foundation is what we are going to do with this building,” Heritage Foundation Executive Director Mary Pearce said. “We want this to be for small business. We think we have the perfect mix right now of chain stores and local businesses. We have been told by some of the smartest retail people that work in historic districts that once we get to where we have more chains than we do ‘mom and pops,’ we will start declining. People don’t come to Franklin to come to an outdoor mall. They come to Franklin for the incredible mix we have.”
For those looking into wanting the space, the Heritage Foundation hopes to lease it into 2017.
To contact Kristy Williams about leasing information, email her at [email protected].
Emily West covers Franklin, education, and the state legislature for the Franklin Home Page. Contact her at [email protected]. Follow her on Twitter via @emwest22
Nicely done!