Downtown Franklin’s best-known glow just got a new landlord. The historic Main Street building that houses Gray’s on Main has sold for $5.65 million, according to the Nashville Business Journal. The three-story Victorian, famous for its restored Gray's Drug Co. neon sign, has been home to the restaurant since its 2013 reopening and has anchored the downtown strip for more than a decade. Owners Michael and Joni Cole were identified as the sellers in that reporting.
In an April 9, 2026 story, the Nashville Business Journal confirmed the $5.65 million purchase price for the downtown property. The report did not name the buyer and did not outline any immediate operational changes for the restaurant.
Historic Main Street landmark
The building dates to about 1876 and originally housed Gray Drug Co., with its neon sign becoming a Main Street fixture around the mid 20th century, according to Visit Franklin. After a careful restoration, Gray’s on Main opened in 2013 and turned the three-story space into a restaurant, live-music venue, and private supper club that quickly became a downtown draw.
Owners and downtown role
Michael and Joni Cole led the renovation work that brought the building back to life, relit the vintage neon, and reopened the space as Gray’s on Main. The restaurant’s 10th anniversary on Main Street was celebrated by local groups, per the Downtown Franklin Association. The Coles also operate other nearby hospitality concepts and have helped shape Main Street’s dining scene, which has made the property a local anchor even as ownership changes hands.
What comes next
For now, the big question is what the new owner plans to do. It is not yet clear whether Gray’s will remain in place or if the historic storefront could eventually be repurposed. The Nashville Business Journal report on the sale did not include any details about future plans, so local business groups and regulars will be watching closely for updates on leases or redevelopment.
At present, Gray’s on Main is still listed at 332 Main Street in local business directories and on reservation platforms such as Tripadvisor, and the familiar neon sign continues to shine over downtown Franklin.
