The building on the corner of Cedar and Main Street in downtown that long ago housed the Franklin Hotel, was sold to Wayne Holloway in late June.
"I know that is figure head for the square and it has just been dilapidated for a while so I'm excited to get it revived," Holloway said.
Holloway is an entrepreneur who owns several buildings in Gallatin, Whitehouse and Hendersonville.
Amy Ellis, executive director for the Franklin-Simpson Renaissance, said he is known for buying buildings and putting businesses in them. Holloway came to a historic preservation committee meeting about a year ago to talk about buying the building, she said.
Holloway said he and his fiancé were driving around in February 2017 when he saw the for sale sign. He started looking at the property and put in an offer for the building around March 2018.
"It has taken about a year and a half for the process to get this building sold," Ellis said.
Holloway said he plans on separating the building into five sections with the section closest to the Gallery on the Square becoming a restaurant.
"Down on the square in Gallatin there is a little pizza place and craft beer, it would be nice if I could get something like that in there," Holloway said. "I just have to find someone to run it."
The other spaces he plans to turn into retail spaces for people to lease from him. There is one space that he is debating splitting or keeping whole and leasing it out as an event rental space.
He will be able to fit four apartments in the back of the building on top of the 14 apartments already on the top floor.
"I am hopeful to start downstairs renovations depending on the city and the code officials I am ready to go within the next 60-90 days," Holloway said.
Right now they are putting in a new air-conditioning unit, repainting and cleaning up for the upstairs tenants.
"We are doing things to improve the tenants quality of life," he said.
Once the electrical and plumbing are finished he said everything else will just be cosmetic changes like removing the awnings out front, exposing the windows that were covered on the Cedar Street side of the building and adding a mural of some sort.
Holloway said if all of the codes and permits are approved then he is cautiously optimistic that all of the construction can be done in nine to 12 months.
"This will be my first large Kentucky project," he said.
All of his other buildings are in Tennessee so he is used to dealing with Tennessee code officials.
Once construction is complete he plans on advertising for retail space, apartment renters and someone for the restaurant, he said.
The spaces will be very bare bones when he finishes construction so whoever leases the space can decorate it however they want, he said.
"As far as Renaissance is concerned we are very happy to have someone come in purchase a building, take an active hand in doing the renovations and making it look pretty again," Ellis said.
Holloway said businesses that will benefit the community would get the spaces whether it is a boutique store or something else. He said he would see what the community wants.
"My goal is to turn the place into a nice structure the city likes and appreciates, so whatever I need to do to get the Renaissance on my side and get everybody happy that is what I will do," he said.