Rezoned former Franklin mill sold for $1.5M to developer, up to 103 housing units possible at site
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305 Union St. in Franklin
A 95,600-square-foot former mill in Franklin has been sold for $1.5 million, following an August vote which saw the Franklin Town Council vote to rezone the site to encourage redevelopment.
The 5.4-acre site at 305 Union St. was sold in a deal finalized on Sep. 20 to Franklin-based R&B Realty Trust, an entity managed by Frederick and Robert Kaplan, and was sold by Douglas Mill Sales Corp. of Franklin, according to Norfolk County Registry of Deeds records.
The sale is not expected to have an immediate impact on businesses at the site; Franklin Mills Store, a business selling fabrics, fibers, gifts and books, will continue to operate for the foreseeable future, according to a representative from the store who was reached by phone on Thursday.
The sale followed a Aug. 14 vote by the Franklin Town Council to rezone the site from business use to commercial use, a move designed to facilitate the redevelopment of the site by Franklin-based KCRES, a joint venture operated by Rick Kaplan and Casey Killiam.
KCRES is exploring redeveloping the property for a mix of residential and commercial uses, according to a May 16 memorandum from Franklin’s Department of Planning and Community Development. The existing structure will need major improvements if preserved as part of the redevelopment process and the property needs remediation of lead and asbestos.
The zoning change will allow KCRES to move forward with residential uses at the site. Franklin’s zoning regulations allow for one housing unit per 2,250 square feet of lot area, meaning up to 103 residential units could be constructed on the parcel.
The property was given a tax assessment value of $3.08 million in 2024, according to Town of Franklin property records.
Bret O’Brien and Tyler DeWolfe of Greater Boston Commercial Properties in Northborough served as the listing brokers for this transaction.
Eric Casey is a staff writer at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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