We surmise this street was called after Sir William Franklin, a soldier land owner with property around Carrickfergus. He was deeply involved in the resistance to King James II. “On the 14th of June, 1690, King William the Third visited Belfast, where he remained for five nights, lodging in the house of Sir William Franklin, which stood on the present site of the Donegall Arms Hotel.” 1852 Belfast / Ulster Street Directory
The 1839 edition of Martin’s Belfast Directory lists people living in Franklin Place.
"That the Council be recommended to name the street in continuation of Franklin Street, from Linenhall Street to Alfred Street, Franklin Street, and that Mr George O’Brien be informed thereof". (9 November 1887).