Apr 16, 2024 - News

Nashville's East Bank development deal up for final vote

Illustration of Nashville City Hall with lines radiating from it.

Illustration: Allie Carl/Axios

A year ago, the Metro Council vote on approving the new Titans stadium was a legislative slugfest that went down to the wire. No such drama is expected Tuesday evening when the council considers the ambitious East Bank redevelopment agreement with The Fallon Company.

Why it matters: The development of the city-owned property will convert vacant land into housing, commercial buildings, green space and a performing arts center.

  • Combined with the new Titans stadium and the River North project, home to the Oracle corporate headquarters, the development will remake the East Bank.

State of play: The agreement received just one vote in opposition on second reading, creating a sense of certainty the plan will be approved with wide margins at Tuesday's meeting.

Between the lines: If the deal is approved, The Fallon Company will develop 1,550 housing units, of which 695 will be affordable.

  • The Tennessee Performing Arts Center is working to finalize its financing to build its new home on the East Bank. Up to three hotels and retail space, including bars and restaurants, will also be developed by The Fallon Company.
  • A daycare center, transportation hub and roads featuring sidewalks and bike lanes are also part of the plan.

How it works: Metro is banking on rising real estate values to benefit financially from the development. The city would collect a percentage of the appraised value of the buildings Fallon develops each year as rent.

  • For example, a $14 million residential building would bring Metro $560,000 in annual rent.
  • Of the estimated $147 million in road and bridge work, Metro is on the hook for $6.85 million.

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