A local developer has everything it needs to move forward with an $11 million mixed-use development in downtown Franklin.
The Bemis Group project, dubbed Newkirk Square, will bring high-end condos, townhomes, restaurants and retail to downtown Franklin by the end of 2023.
Newkirk Square was first presented to the Franklin Redevelopment Commission last month in a pitch to purchase a city parking lot at 199 S. Main Street. The Bemis Group offered to pay $5,000 for the lot as part of its $11 million investment in the half-block development.
After working out the details with the redevelopment commission’s attorney, the Bemis Group promised, in writing, to pay the city $49,000 more for the parking lot if, for some reason, the project does not come to fruition.
The promissory note would be due on Dec. 31, 2023, if the assessed value of the property has not reached $2 million by that time, said Rob Schafstall, attorney for the commission. The note would be forgiven as soon as the development’s assessed value reaches $2 million, he said.
The property’s assessed value will be determined by the value of the condos and townhomes in the development, but it will far exceed $2 million, Billy Bemis said.
The exchange of funds and the deed could happen anytime now, Bemis said.
The developer has spent two years and $1 million to prepare for the project, with more than half of that spent to acquire several houses and Newkirk’s Auto Service on Wayne Street, between Water Street and Main Street.
The project will include a mixed-use building which will cover the west side of the property. It will feature 10,000 square feet of restaurant and retail space on the first floor, 14 condos on the second and third floors and a 28-space underground parking garage exclusively for condo-owners.
The retail space will include up to seven spaces for restaurants and shops, including a new-concept restaurant or two from Bemis Group partner, Kwang Casey, who operates Oaken Barrel Brewing Company and the Garment Factory, Bemis said.
Eleven rear-entry townhomes will include two-car attached garages on the lower level, and two floors of living space above.
Both the condos and townhomes are expected to start at $450,000. Some could cost more than $500,000, depending on interior customization. The 25 units will likely be two or three bedrooms and about 1,300 to 1,900 square feet, Bemis said.
The land is currently zoned for mixed-use development, so half of the property will eventually need to be rezoned to multi-family to allow the townhouse portion of the project to go forward.
The Bemis Group is still evaluating when to put forth the rezoning application at the advice of their attorney, Bemis said. The first focus on the project will be the mixed-use development, with the townhomes to be built in later stages of the project, he said.
The hope is to complete the project by 2023 and begin site work this summer, pending weather and proper permitting, Bemis said.
Bemis Group, run by brothers Billy and Todd, has a 30-year history in Johnson County. Its projects include several in downtown Franklin: the Garment Factory Event Center, the Greek’s Pizzeria and Brewpub building and the Hazelet building, which houses several businesses including the Daily Journal’s office. In nearby Greenwood, the Bemis Group developed Airport Parkway Plaza.
