The city of Franklin could see an $11 million investment in its downtown with construction of a mixed-use development. Our partners at the Daily Journal report local real estate developer the Bemis Group has approached the city about the project, which says it would bring high-end condos, restaurants and retail to downtown Franklin by late 2023.
The publication says Bemis cleared one hurdle Tuesday when the Franklin Redevelopment Commission approved the company’s request to purchase a nine-car parking lot on South Main Street for $5,000.
If the project does not get completed within three years, Bemis would be required to pay an additional $49,000 for the property.
The Bemis Group already owns several surrounding properties, including nearby houses and an auto repair shop that recently closed its doors.
The publication says the development, called Newkirk Square, would include 14 condos on the upper floors, underground parking for residents and 10,000 square feet of restaurant and retail space on the first floor.
The condos and townhomes would start at $450,000.
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