It might be possible to drive through Franklin and not really notice its largest structure — the gigantic Stevens Mill complex bordering the crashing Winnipesaukee River, just below the trestle and Mill City Park. Stevens Mill is being transformed from a faded relic of New England’s industrial past into a stunning and dynamic heart of an exciting small city – a city in the midst of re-inventing itself.

Construction began on the original Stevens Mill in 1865, and it continued to evolve for more than a hundred years, standing today as a handsome five-story brick and granite mill consisting of four interconnected buildings. The mill was a classic example of a water-powered New England textile factory. I can imagine it as it must have looked in the day, hundreds of roaring looms standing in almost military rows, driven by wide slapping leather belts, driven in turn by immense wheels and shafts along the high ceilings. In old photos, the machines were tended by too-young-looking boys and women in dark dresses with flowing skirts. (Those were the days before they invented safety!) Recall that in those days, electrical power and lighting would not be invented for decades yet, and the night shift would have worked by lamplight. The mill’s turbines harvested the colossal (and free) power of the river to run the machines that created cloth and a fortune big enough to build a whole city around it.

Outside, the mighty river still leaps and foams past the mill’s windows. Indoors, you can see historic red brick walls, pierced by those tall windows. From them, you can look out over the city rooftops and steeples to the south or down into the churning whitewater river and wooded hillsides to the north. Massive wooden beams and columns still support lofty hallways, and yawning spiral stairways are elegantly sculptural reminders of the building’s industrial past. It was an age when even industrial buildings were expected to project prosperity and a proudly upstanding aesthetic to their community.

On the day of my visit in mid-January, the building’s transformation was nearly complete. Gleaming new refrigerators, still wearing their protective plastic film, stand in front of every apartment door, and workmen bustle to install kitchen appliances and internet routers. Elizabeth Stewart, Chinburg’s site manager for Stevens Mill, told me that there are 153 new apartments (a mix of studios, and one and two bedrooms in many configurations). Stevens Mill is a “mixed use” complex, which means there are businesses and offices within the interconnected housing and 35,000 square feet of commercial space. Prospective tenants have already put down deposits on 22 apartments and three commercial spaces as of January.

Paul Goodwin, Chinburg’s Senior Development Manager, shared some insights into Chinburg’s specialty, rehabilitating historic New England mill buildings and managing them. Chinburg began buying and renovating old mills in the NH Seacoast region about 35 years ago, and the company has completed 16 big mill rehab projects like Stevens Mill. This type of innovative process has been named “adaptive re-use” by historic preservationists, which means that although massive buildings like these old textile mills are obsolete for their original purpose, they can be turned into buildings we desire today, such as badly-needed housing and places of employment.

Goodwin says, “Chinburg has a deep expertise in adaptive reuse throughout northern New England, and Stevens Mill is a great example of why we love transforming these old structures into modern housing and updated commercial space. It’s a win-win-win-win: a historic piece of the community is saved to a high standard, much needed housing is created, new businesses are drawn to updated commercial space, and new residents and commercial tenants aid revitalization efforts.”

Goodwin goes on to describe partnering with the City of Franklin and procuring financial backing, “Projects of this complexity take a village to realize. Our lead lender is Mascoma Bank, with participation from Franklin Savings Bank, as well as NH’s own CRDC, REDC, and NHFBA. The Project also received grant proceeds from InvestNH’s housing grant to fund a budget shortfall created from post-COVID procurement issues and inflation.”  It stands to reason that local banks would be “lead lenders,” delighted to invest heavily in their own communities, since the “multiplier effect” of increased high-quality housing in the area will stimulate the local economy for a long time to come. People who move into Stevens Mill can work online or within commuting distance, shop at local stores and restaurants, and support local institutions and entertainment venues.

It’s hard to compare today’s dollars to 1860’s dollars, but I would not be surprised to learn that the economic commitment in today’s Stevens Mill project rivals, perhaps even exceeds, the historic speculative investments in the old textile mills whose fortunes built the city of Franklin in the first place. A total investment in such a gigantic rehabilitation project may be counted in hundreds of millions of dollars – a sizable sum indeed! On the other hand, the rental income from full occupancy of 153 apartments and several businesses would amount to merely half a million each month, a handsome return on investment. This would be a huge “shot in the arm” for any city, but especially for NH’s smallest city.