The square now anchors the western end of the City Market retail area.

[3] The square is named for Benjamin Franklin, one of the Founding Fathers of the United States.

It was built with after the previous system of public and private surface wells was overwhelmed by the rising population of the city.

In 2019, the bi-directional traffic flow was extended from Broughton to Liberty streets.

Sweet Georgia Brown's, a piano bar which gained popularity after its appearance in John Berendt's 1994 book Midnight in the Garden of Good and Evil, was located at 312 West St. Julian Street.