Oracle plans to invest $1.2 billion to build a 1.2 million square foot office complex along the East Bank of the Cumberland River in Nashville, Tennessee. The project is expected to create 2,500 jobs by the end of 2027, reaching the full 8,500 by the end of 2031.
According to the Mayor's office, the company intends to buy the land and offer $175 million upfront for public infrastructure, including a pedestrian bridge over the Cumberland River, environmental cleanup, a sewer pump station and a riverfront park. The computer technology giant’s plan is awaiting approval from Metro Council and the Metro Industrial Development Board.
“The site would benefit from $175 million of public infrastructure, including a pedestrian bridge over the Cumberland River linking the River North area to Germantown and downtown Nashville. A riverfront park would be located at the bridge’s landing. Greenways along the riverfront, road construction, utilities, lighting and accessible green space are all significant public amenities in the proposed plan. A critical aspect of the potential development is the company’s acceptance of the responsibility of cleaning up a former Metro landfill on part of the site, a cost estimated to be in the tens of millions of dollars,” said Mayor John Cooper.
Half of Oracle’s future property taxes, which the company estimates will be roughly $18 million annually when the project is fully built, would reimburse the company for the upfront investment, without interest payments, with the other half going into the city’s general operating fund. The company also expects the project to produce about $8.8 million annually in sales and use taxes, according to the mayor’s office.
“We are thrilled that Oracle is ready to make a billion-dollar bet on Nashville,” Cooper added. “Oracle will bring a record number of high-paying jobs to Nashville and they will pay upfront all the city’s infrastructure costs. This is a huge win for our city. In an unprecedented deal structure for Nashville, no new debt is being issued and there is no burden on our taxpayers. Oracle’s presence will transform the East Bank, and I’m equally excited about the ways Oracle can transform education and career pipelines in Nashville.”
According to the Economic Impact Plan, half of Oracle’s future property taxes would go to reimbursing the company for its upfront infrastructure investment, without any interest payments.
“A project like this would be a big strategic win for Nashville and would expand opportunities for Nashvillians,” said Ralph Schulz, President of the Nashville Area Chamber of Commerce. “Attracting these kinds of high-tech jobs has been a generation in the making, and this kind of project would help guarantee a bright future for our city. We appreciate Oracle’s proposed investment in the city’s infrastructure and in Nashville.”