The Nashville office of South Bend, Indiana-based Holladay Properties has paid $56 million for The Factory at Franklin and plans major upgrades to the retail property.

The seller was The Factory at Franklin LLC, a Bowling Green, Kentucky-based entity that paid $24.2 million for the property in 2012. The buildings were constructed in 1939 and sit at 230 Franklin Road.

A release from Holladay Properties says the company will invest "much more" into the former stove factory.

The release says the developers are "looking at this project like creating a little city," which will include plazas, courtyards, alleys, nooks and other places to gather and socialize "or maybe to quietly collect yourself." 

The Factory is made up of 10 industrial buildings that were originally constructed for stove manufacturer Allen Manufacturing Co. It was later the home to a succession of manufacturers: Dortch Stove Works, Magic Chef and Jamison Bedding Company. Franklin businessman Calvin Lehew bought the property in 1996 and turned into its current form as a retail and entertainment complex.

The redevelopment of The Factory will happen at the hands of Holladay's Allen Arender and his long-time development partner Ronnie Wenzler, an executive director of Cushman & Wakefield.

“At The Factory, we will bring together the lessons we learned from our other successful reimagining of historic structures," Arender said. "In every case, we took time to discover the essence of the building and then created a place that made the most of this essence. This same process will guide our redevelopment of The Factory."

Nashville architecture firm Centric , who worked on Nashville's Trolley Barns and the Stocking 51 office buildings, will help reimagine the 310,000-square-foot space. Leasing for the retail space will go through Elliott Kyle with Equitable Property Co. and Elam Freeman of Ojas Partners. Office space will be leased by Michael Havens, Madison Wenzler and Ronnie Wenzler.