NASHVILLE, Tenn. (WKRN) — The Metro Industrial Board held a public hearing virtually Tuesday morning on Oracle’s proposal for a Nashville campus, where they voted in favor of the project. The deal will now head to Metro Council for consideration.
The tech giant proposed a facility on the city’s east bank with a $1.2 billion investment and 8,500 jobs. It would be the biggest investment the state has ever seen.
The $1.2 billion campus would be roughly twice the scale of the Music City Center and five times the investment of Amazon at Nashville Yards. Oracle’s average salary is $110,000.
Oracle’s potential new 60-acre office hub would be central to the 120-acre parcel known as River North on the East Bank of Nashville’s riverfront. They mayor said without the sizable investment from the company, the transformation of that area would not be feasible.
“Nashville is ready to take the next step toward an even better future.
This vote launched 8,000-plus STEM careers with a company nationally known for its support of HBCUs and local schools.
We can build Nashville’s next great neighborhood on the East Bank, and the “Oracle Bonus” will allow us to pour millions into affordable housing for families.
A game-changing opportunity for Nashville families now moves forward to Metro Council for full and open consideration.
This is a big moment for Nashville’s rebound and a genuine step toward a Nashville that works for everyone.”Nashville Mayor John Cooper
Anthony Davis, an Industrial Board member and owner of East Nashville Beer Works, earlier told News 2 that the board would review the deal as a whole and examine what incentives Nashville is looking to offer.
They also considered the long-term impact on jobs and growth in Music City and how much tax revenue they would need to fund.
Davis said the deal would be the start of a major economic development for East Nashville specifically, but they wanted to make sure it is a positive move for the city.
“Early indication is there is a lot of support at Council, there are 25 co-sponsors so far at Council. We find it’s not our job to entirely shoot down the project where it wouldn’t come to Council, Metro Council will be the ones that look at it, but we both have the responsibility of taking at look at the project and ensuring it’s a positive deal for Nashville. You have checks and balances, making sure it’s a good deal moving forward for the city,” explained Davis.