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Metro Council approves $1.2 billion Oracle hub
Metro Council members signed off on the largest economic development deal in Tennessee s history â paving the way for Oracle to build a $1.2 billion campus in Nashville.
and last updated 2021-05-04 23:31:03-04
NASHVILLE, Tenn. (WTVF) â Metro Council members signed off on the largest economic development deal in Tennessee s history â paving the way for Oracle to build a $1.2 billion campus in Nashville.
The final vote was unanimous. The Metro Industrial Development Board voted 7-2 to approve the proposal last week.
The Austin-based software company will now move forward with plans with a new 60-acre hub on the East Bank of the Cumberland River. The facility would be more than two times the size of the Music City Center and would bring 8,500 jobs with an average salary of $110,000 to Nashville over 10 years.
The Metro Council on Tuesday unanimously approved the economic impact plan for the planned Oracle tech campus and surrounding River North infrastructure, including an extension of Cleveland Street that will allow vehicular, bike and pedestrian connectivity between River North and East Nashville.
Projected to cost $1.2 billion, the Oracle development and public infrastructure could bring up to 1.2 million square feet of office space to the Cumberland Riverâs East Bank. For that, the Silicon Valley corporation has committed to a $175 million investment recreational spaces, streets, stormwater management and a bike and pedestrian bridge connecting River North to Germantown.
âTodayâs Oracle vote demonstrates Metroâs commitment to make the right deals for Nashville,â Mayor John Cooper said when the 40-0 resolution vote passed.
The Metro Planning Department has filed a resolution to extend Cleveland Street under Interstate 24 to enhance connectivity between East Nashville proper and the future River North.
The resolution, to be voted on Thursday, June 10, by the Metro Planning Commission, specifically targets the area of River North to be affected by the economic impact plan put for by Mayor John Cooper. The Metro Council is set to vote on that plan on Tuesday, May 4. That plan is built around and primarily consists of the proposed Oracle tech campus, which could carry a $1.2 billion price tag.
The resolution aims to connect not only Cleveland Street but also provide parallel connection for pedestrian and biking travel to two access points on Cowan Street, the street from which the Oracle site will be accessed. The two points are roughly equidistant to the northern and southern ends of the Oracle campus.
Nashville s recovery from a multi-crisis year will start with a budget that puts “people first,” Mayor John Cooper said Thursday.
In his second State of Metro address, Cooper outlined a robust agenda that seeks to push Nashville forward with major investments in education, affordable housing, transportation and pay increases for teachers and city employees.
“At the heart of our budget, we’re putting people first, fixing problems, and investing in our neighborhoods. We will bring the opportunity of the city to all the people of the city,” Cooper told a limited crowd of city leaders at Music City Center. “As long as we make these investments, Nashville’s future is bright. And we’ll re-emerge as a city that works and works for everyone.”