Oracle's River North project advances as tech giant files rezoning request
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The tech giant Oracle requested to change the zoning for land on the East Bank of the Cumberland River last week, giving a clear indication its multibillion-dollar project is advancing.
Why it matters: Oracle unveiled its original plan five years ago, but the project hasn't broken ground yet.
- The scope of the mixed-use development and the corporate investment from the firm has expanded since then.
State of play: Oracle filed a document seeking to rezone nine acres in the River North development.
- The request is consistent with the River North's community plan, according to the document.
- "The property owner is working closely with Metro Planning and Metro Water Services to meet development requirements within the FEMA-designated 100-year floodplain," according to the planning document.
The latest: The Oracle project figures to be a top priority for Mayor Freddie O'Connell after Tuesday's Metro Council vote on his operating budget.
- Coordination between Oracle and Metro officials has cranked up in recent weeks, sources close to the project say. Metro has created a central team to deal with Oracle as the project advances.
- Oracle has been expanding its East Bank footprint with additional land acquisitions. According to the Nashville Business Journal, Oracle owns 70 acres and has spent a collective $379 million on real estate.
- Metro's chief development officer Bob Mendes is coordinating with the East Bank Development Authority on the project.
Flashback: Metro Council approved a $175 million economic development deal for Oracle in 2021. At the time, the project was estimated to bring $1.2 billion in capital investment and create 8,500 tech jobs.
- Oracle chairman Larry Ellison foreshadowed the development's expansion last year when he said the campus would serve as the firm's world headquarters.