NASHVILLE, Tenn. (WKRN) – Oracle is proposing to bring 8,500 jobs to Nashville with a $1.2 billion investment. The tech giant is looking to build its new campus in Nashville’s East Bank.
“We are thrilled that Oracle is ready to make a billion-dollar bet on Nashville,” said Mayor John Cooper in a statement released by his office. “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.”
Oracle’s average salary sits at $110,000.
The proposal will first go to the Metro Industrial Development Board (IDB) for a public hearing on April 27th and may even see a vote that day.
IDB Chair Ginger Hausser told News 2 this is unlike any project they’ve ever seen
“Many times it is actually the city or state that is fronting the bulk of the investment – in this case it is the corporation that is doing the bulk of that investment upfront and basically will be paid back over time for that investment and infrastructure,” Hausser said.
She is also very interested in discussion around high school programs and jobs for the community.
“It may begin in the first few years at about 2500 employees, grow to potentially grow to over 8000 employees and that these are really good paying jobs,” Hausser exclaimed. “For me that is really important when we are looking at investments and who we are bringing, that we are bringing family supporting wages.”
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.
“Today’s news is another affirmation that major companies want to be in our city. They want to build here and grow roots here,” stated Mayor Cooper.
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.
To read the full release from Mayor Cooper’s office, click here.
Oracle also released the following statement regarding the Nashville redevelopment zone.
“To meet demand for Oracle Cloud, we plan to continue to expand our business by building new digital hubs in cities with well-educated workforces and vibrant cultures that draw top-tier talent. Our state-of-the-art headquarters campus in Austin is a blueprint for what we envision in Nashville. We think Nashville has tremendous potential to be Oracle’s next success, and we look forward to working with city and state officials as the process moves forward.”
The Tennessee Department Of Economic And Community Development told News 2 they are working on an incentive package for Oracle as well.
A spokesperson for ECD said in a statement:
“ECD is currently in negotiations with Oracle and will be submitting a competitive incentive package that we hope will support the company’s decision to select Tennessee for this project. The incentives we offer will be in line with the size of this project, location, company’s capital investment and wages. This project is not finalized and remains highly competitive, requiring participation on all levels. We encourage our local partners to do their very best to support the successful recruitment of this project to the state.”