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Oracle, 60 acres at River North, 1,200,000 sq. ft. of space, $1.2B Investment, 8,500 jobs

markhollin

By markhollin
in Nashville

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downtownresident Town

downtownresident

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1 minute ago, DDIG said:

Good clarification. Interesting how the tables have turned and now Cooper is pushing econ deals, I vaguely think I remember Mendes criticizing Cooper at the time for not engaging in economic development. Mendes went from a very sharp budget hawk to... I guess  something he thinks he needs to be to pick up the votes needed to be Mayor.

Mendes and O’Connell both (fairly) criticized Cooper for not staffing the ECD department.
 

I used to be fairly open to Mendes running for higher office, but have quickly soured on him in recent weeks. 

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downtownresident
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Coming right along...  Headline: Exclusive: Oracle Corp.'s purchase contract for massive River North tech hub confirmed https://www.bizjournals.com/nashville/news/2021/04/07/oracle-river-nor

MidTenn1
MidTenn1

The ROSALE web site has some more spectacular renderings of the bridge, The labels are ones I added.  It will be beautifully lighted.

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MLBrumby Metropolis

MLBrumby

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1 hour ago, Binbin98 said:

Probably not but again if metro council continues with their ‘no growth for Nashville’ mantra then there will be a day where a company backs out

A lot of those clowns are actually auditioning for a top position at Oracle. It's a weird kind of psychology that insecure politicians use when they want to push their power around. Surprisingly, it has worked many times. 

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smeagolsfree Gigalopolis

smeagolsfree

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I hope you guys are not expecting this to be a short meeting. Oracle is the 32nd item on the agenda and number 7 will have a lot of debate as this has to do with the solid waste facility in North Nashville. Expect this meeting to go into the wee hours of the morning. I for one will just wait for the results tomorrow, but I have no doubt it will pass due to the number of co-sponsors. Also number 33 has to do with the Cleveland/Grace street extension associated with the project as well.

Meeting Agenda (legistar.com)

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Armacing Hamlet

Armacing

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On 4/30/2021 at 12:03 PM, Bos2Nash said:

Gentrification will be a big concern if the developments don't include affordable units.

If housing affordability concerns you then your problem is not with this one single development, your problem is with the concept of zoning in general.  The whole reason housing is so expensive is because of zoning laws that restrict land usage in the city.  You want to see the price of housing drop?  Disband the zoning department and the entire book of laws concerning the use of/construction on private property.  Boom - instant drop in the price of housing.

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DDIG Hamlet

DDIG

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1 minute ago, Armacing said:

If housing affordability concerns you then your problem is not with this one single development, your problem is with the concept of zoning in general.  The whole reason housing is so expensive is because of zoning laws that restrict land usage in the city.  You want to see the price of housing drop?  Disband the zoning department and the entire book of laws concerning the use of/construction on private property.  Boom - instant drop in the price of housing.

Yep. Look at Nashville and how close you are to the city when single family homes with good size yards pop up. And people hate the tall and skinnys but atleast they add some density. And now the same people I see decrying affordability issue are the first to throw a fit if an apartment complex is proposed nearby.

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Bos2Nash Town

Bos2Nash

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Honestly zoning is what helps context around a city. Areas would be so piecemealed if zoning was not in place that Tony G. would build his Paramount in Five Points while Highwoods a new tallboy out in Bellevue. I will agree that SFH exclusive so close to downtown (inside of Briley honestly) will increase property value BUT that is only because our city is not big enough to take that step. Zoning is an ebb and flow game that a city needs to play. Affordability is an extremly hard part of that game. The fact that the state outlawed inclusionary zoning may be the dumbest argument after the flat earth arguement. The supply/demand, zoning arguements that claim they are hampering housing unit growth or are increasing gentrification is laughable because it is not as cut & dry as that.

I also moved here partially because Nashville is an affordable city compared to others.

Edited by Bos2Nash
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downtownresident Town

downtownresident

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From Councilman O’Connell’s pre-meeting email: 

We have a Metro Council meeting tonight. We'll be back at the convention center in-person for the first time in months. There is a public hearing. You can review proposed amendments and analysis of the agenda.

 

As a twenty-year veteran of our local tech industry and as someone who has been working on the connective infrastructure potential of River North since last term, I breathed a sigh of relief on Apr 7, when the Nashville Business Journal confirmed details of Oracle's intent to develop a massive hub at the site.

 

Why? Because until just a few days later, the mayor's office had left the director of Economic and Community Development vacant for months. And because of the mysterious circumstances of ostensible Microsoft interest in Nashville. And because the mayor's approach outlined in his policy platform is decidedly different from the proposal we'll consider tonight.
 

I understand that economic development can be complicated, and I value the mayor's preferred approach. But I don't think it's the only valid or valuable approach to economic and community development.

 

Deep accountability and structural equity are increasingly difficult to engineer at the local level because of an aggressively preemptive state legislature.

 

For example, Stand Up Nashville recently posed important, community-based questions about the Oracle proposal. So I submitted them to the mayor's office, which prepared detailed responses. These responses reveal some of the tensions that we'll continue to have to work on through nearby public policy responses.

 

Ultimately, though, I think it's important for Nashville to be strategic about how and when we grow our economy. I want our technology sector in particular to set us apart among southeastern cities. 

I also want to be growing private investment and the number of available jobs as we emerge from a pandemic that has been economically devastating.

 

Those priorities are not mutually exclusive from my interest in continuing to increase our supply and maintain our existing stock of affordable housing, to increase equity across the whole of Metro and in our communities in a variety of ways, or to increase the ways in which we invest countywide in public goods and services.

 

The tax base we grow out of River North—even with the nature of the incentive deal—will dwarf what it has been over the past 25 years, 

and it will do so by adding housing and not displacing any from the footprint of the development site. The connectivity we'll add both to the river and across it will improve Nashville's status as a river city. And we'll keep large-scale redevelopment close to a center, where Nashvillians have repeatedly indicated they prefer it.

 

I'll write more about the budget proposal we heard about last week soon, but I'm confident that we can make long-term investments in Nashville and for Nashvillians that leverage the work we've done over the past several years to let downtown be an even more important economic engine for the entire city.

 

His comments on the resolution itself: 

  • The Economic Impact Plan for River North(benefiting Oracle) will be up for debate and a possible vote. I'll be most interested to see how CM Parker leads on this issue, as the greatest impact will be in his district. [RS2021-908]
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markhollin Galactalopolis

markhollin

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NBJ's coverage of the 40-0 vote by Metro Council to approve the Oracle incentives deal:

https://www.bizjournals.com/nashville/news/2021/05/04/oracle-metro-council-incentives-vote.html

And behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/metro-council-unanimously-approves-oracle-deal/article_c1fd2828-ad50-11eb-9a9c-dbc1a267ed57.html

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Armacing Hamlet

Armacing

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2 minutes ago, samsonh said:

So zoning laws create homelessness? Houston should have no homeless then.

Zoning raises the price of housing by restricting the supply of housing - thus those people who are *marginally* homeless are in that situation due to zoning.  The key word here is *marginally*.  Meaning - those who are just barely unable to afford housing.  Some people are well below that level and even after zoning is removed they will still be homeless.

Actually, you do me a great favor by bringing up Houston.  Even though the city population is more than 3-times the size of Nashville, the average home price is lower according to this list [you have to scroll down, it is alphabetical]:

https://www.kiplinger.com/article/real-estate/t010-c000-s002-home-price-changes-in-the-100-largest-metro-areas.html

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