On its west side were the buildings of Harper's Publishing House.
[2] At the same time, the block of Cherry Street nearest the square was razed and replaced with the Alfred E. Smith Houses.
The square was originally land owned by Walter Franklin, a highly successful late 18th century merchant,[3] where he kept a mansion with surrounding gardens.
In honor of Washington, the space was later named "St. George's Square".
The space was then renamed Franklin Square in 1817, officially in honor of Benjamin Franklin: Resolved that the Square now called St George's Square at the Intersection of Cherry Street be hereafter named and called Franklin Square, as a Testimony of the high respect entertained by this Board for the Literary and Philasophical (sic) Character of the late Doctor Benjamin Franklin.