Strategy 5 completed a feasibility analysis for a unique adaptive reuse development scenario involving the historic Franklin Federated Church. Work centered around identification of the opportunities associated with the arts market writ large, culminating in a Cultural Arts Synergy Map prepared by the firm. Using a maximum yield approach, every usable space within the 20,000 square foot complex was inventoried, photographed, and placed into a utilization plan. This plan was the subject of a 10-year cash flow pro forma, capital cost estimates for upgrades and reuse, and other aspects of feasibility.
A proposed acquisition by the Town of Franklin, coupled with an ongoing partnership, and inclusion of a third-party non-profit operator are under consideration. The project would play an integral role within the Town’s Cultural District which also hosts the Franklin Museum, historic Franklin Library, Dean College, Town Common, and a host of private arts and entertainment businesses.
The historic Franklin Federated Church complex proved financially feasible in a reuse scenario as the Franklin Cultural Arts Center, which will feature a wide range of arts activities and revenue generating uses including performing arts, visual arts, literary arts, culinary arts, and healing arts. The diversified approach to providing access to a variety of cultural arts proved to be a central pillar of the feasibility findings and foundational support.