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

[downtownresident]

2 minutes ago, titanhog said:

I would imagine just having Oracle and Amazon in Nashville will spur A LOT of new tech jobs…with more office towers and residential towers announced over the next 5 years.

Who knows, maybe Mayor Cooper gets a second shot at recruiting Microsoft. 

[titanhog]

6 minutes ago, downtownresident said:

Who knows, maybe Mayor Cooper gets a second shot at recruiting Microsoft. 

Apple HQ2 

[MidTenn1]

Something I wrote about the River North site during Amazon's search for HQ2. It was printed verbatim in the Tennessean. I'd like to think this was shown to Amazon and now Oracle.

I'll take all the credit. You're welcome.

Edited April 14, 2021 by PHofKS

[satalac]

Do we wait an untold number of years for something tall to happen, or do we go with a huge high paying tech company? Would I like to see tall towers at River North? Sure. But who's going to build them? It's not like there was anything pending. I think we set ourselves up for disappointment a lot of the time. Plus, those 8500 employees have to live somewhere, and I'd be willing they'd want to live close by, possibly in a tall condo...

[bnacincy]

4 minutes ago, satalac said:

Do we wait an untold number of years for something tall to happen, or do we go with a huge high paying tech company? Would I like to see tall towers at River North? Sure. But who's going to build them? It's not like there was anything pending. I think we set ourselves up for disappointment a lot of the time. Plus, those 8500 employees have to live somewhere, and I'd be willing they'd want to live close by, possibly in a tall condo...

Signature Tower in the Gulch-along with about 4 or 5  other tall ones in the Gulch as well!

[smeagolsfree]

1 minute ago, satalac said:

Do we wait an untold number of years for something tall to happen, or do we go with a huge high paying tech company? Would I like to see tall towers at River North? Sure. But who's going to build them? It's not like there was anything pending. I think we set ourselves up for disappointment a lot of the time. Plus, those 8500 employees have to live somewhere, and I'd be willing they'd want to live close by, possibly in a tall condo...

Well there is hope for a number of those nearby lots for taller buildings. You can bet the farm those industrial buildings over on the other side of Cowan will be changing hands rather soon and developers will be trying to get the zoning changed. The price of real estate just went up on that side of town. 

The overlay on Dickerson will now more than likely be built out to the max to accommodate the most possible for the zoning allowed. Thus the areas where RMR is about to develop will be prime for tall residential towers up to 30 stories allowed by the SP they already have in place.

[MLBrumby]

Towers along the outer rim of the Oracle's campus will have spectacular views. 

[MLBrumby]

35 minutes ago, satalac said:

Do we wait an untold number of years for something tall to happen, or do we go with a huge high paying tech company? Would I like to see tall towers at River North? Sure. But who's going to build them? It's not like there was anything pending. I think we set ourselves up for disappointment a lot of the time. Plus, those 8500 employees have to live somewhere, and I'd be willing they'd want to live close by, possibly in a tall condo...

The total number of employees (direct/indirect) will be around 20,000.  They will need places to live, and the ages favored by companies like Oracle will be young (translation... urban apartments).  This is going to be such a huge feather in the cap of Nashville as a total day-and-night downtown.  

Sorry... I just realized a did 2 posts b2b... just very excited.  This one may actually spur me into buying a condo up there sooner rather than later. I love my 'noog, but I've always been a midsize city child.  Some of you may have detected that Atlanta outgrew me.  I left my law firm over a year ago, and I'm working in the corporate world.  We're staying in Chattanooga b/c my wife's job anchors us here.  Someday!!!! 

Edited April 14, 2021 by MLBrumby

[titanhog]

40 minutes ago, smeagolsfree said:

Well there is hope for a number of those nearby lots for taller buildings. You can bet the farm those industrial buildings over on the other side of Cowan will be changing hands rather soon and developers will be trying to get the zoning changed. The price of real estate just went up on that side of town. 

The overlay on Dickerson will now more than likely be built out to the max to accommodate the most possible for the zoning allowed. Thus the areas where RMR is about to develop will be prime for tall residential towers up to 30 stories allowed by the SP they already have in place.

Maybe this can spur the crazy development down the river near Clarksville Pike.  I can’t remember what it was called.  

[satalac]

52 minutes ago, smeagolsfree said:

Well there is hope for a number of those nearby lots for taller buildings. You can bet the farm those industrial buildings over on the other side of Cowan will be changing hands rather soon and developers will be trying to get the zoning changed. The price of real estate just went up on that side of town. 

The overlay on Dickerson will now more than likely be built out to the max to accommodate the most possible for the zoning allowed. Thus the areas where RMR is about to develop will be prime for tall residential towers up to 30 stories allowed by the SP they already have in place.

One of my customers is right there on Cowan and they're staying put. I think they're really just waiting for River North to finally get a big get so they can cash out on the ensuing property value explosion. I wouldn't be shocked to hear them moving to a new location in the near future now. 

[smeagolsfree]

16 minutes ago, titanhog said:

Maybe this can spur the crazy development down the river near Clarksville Pike.  I can’t remember what it was called.  

I hope you were not talking about the Ewing development. That project was dead before it ever was announced. Those jokers do not have the means too pull it off. There is more to the story too I think now. The other project closer in that has the canals has a better chance as they at least have a SP in place, but I doubt that will happen either.

[dmillsphoto]

52 minutes ago, MLBrumby said:

The total number of employees (direct/indirect) will be around 20,000.  They will need places to live, and the ages favored by companies like Oracle will be young (translation... urban apartments).  This is going to be such a huge feather in the cap of Nashville as a total day-and-night downtown.  

Ehhh as someone who has direct involvement with Oracle occasionally, I think you may overestimate the youth movement with this company. Their support roles will tend toward the younger side, but given this will house a lot of sales and ops positions like Amazon will, expect more mid/mid-senior level types who will want the land. Oracle as a technology and culture, I positively hold disdain for them. That is why, for instance, you saw Google last week dump them in favor of SAP.  But there's a lot of stuff they do that's hard to get away from. I mean look how long it took to get rid of Java for webapps. 

 

Anyway, It's a big deal for Nashville. The tall/vs short conversation is a bit meh here because, as others have noted, nobody in Tech outside of San Jose builds towers. And if you consider one of the tallest in SJ is Adobe at a whopping 279'... well. There's your sign.

[downtownresident]

Here's a link to the city's press release: https://www.nashville.gov/News-Media/News-Article/ID/10778/Mayor-John-Cooper-Welcomes-8500-Oracle-Jobs-to-Nashville.aspx

Quote

Mayor John Cooper Welcomes 8,500 Oracle Jobs to Nashville

4/14/2021 
Andrea Fanta, 615-878-5149

Oracle Corporation today requested a public hearing for approval of an Economic Impact Plan with the Metro Industrial Development Board (IDB), as has been reported. Approval from the IDB and Metro Council is needed to finalize Oracle’s proposal to bring 8,500 jobs and a $1.2 billion investment to Nashville. The 8,500 new jobs, with an average salary of $110,000, would be unrivaled in the history of Tennessee economic development projects. 

“We are thrilled that Oracle is ready to make a billion-dollar bet on Nashville,” said Mayor John Cooper. “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.”

An agreement negotiated by local and state officials would bring Oracle Corporation to Nashville’s East Bank in a development that will transform the area and connect the tech giant to the HBCU corridor on Jefferson Street.

Oracle’s potential capital investment includes $175 million in public infrastructure, bringing benefits to taxpayers without increasing Metro’s debt or burdening Nashville’s taxpayers. The public infrastructure will include a pedestrian bridge over the Cumberland River, brownfield remediation, a sewer pump station and a riverfront park.

For perspective, a $1.2 billion campus would be roughly twice the scale of the Music City Center ($623 million in 2013).

A Groundbreaking Financial Win for Nashville

The proposed deal represents the best possible financial arrangement for residents and taxpayers of Davidson County. Oracle is buying the land and building a $1.2 billion campus in an area that needs substantial investment. The deal would not burden the city with any additional debt. The proposal does not require any funds from Metro’s operating budget. There are no job grants or bonds required as part of the proposed deal.

In the proposal, Oracle will make a $175 million investment in public infrastructure that a city would ordinarily be required to purchase itself. This includes costs such as a pump station for water and sewer, a pedestrian bridge, street widenings, and environmental remediation. Per 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.

The other half of the new property tax base would benefit the city’s general operating fund, from which funds can be directed to investments in affordable housing and neighborhood infrastructure. “The remaining property tax revenue from the project, the ‘Oracle bonus,’ can fund investments throughout the city. Creating and preserving affordable housing will be my top priority with those funds,” added Mayor Cooper. In addition to the increase in the property tax base, local sales and use tax collections from the proposed project are expected to reach about $8.8 million annually.

Benefits to the Community

In addition to a pedestrian bridge, a riverfront park, a greenway, street and utility improvements, stormwater infrastructure, and pump station, Oracle stands ready to partner with Nashville’s schools, both financially and with volunteer tutoring programs. In other cities, through Oracle Academy and the Oracle Education Foundation, Oracle has a proven track record of investing in education and career training in information technology, software development and computer skills. Mayor Cooper and Metro Nashville Public Schools Director Adrienne Battle have discussed the potential benefits of partnerships between the tech giant and MNPS.

“The students and families of Metro Nashville Public Schools will benefit from Oracle joining our community,” said Dr. Adrienne Battle. “Not only would Oracle provide high-paying, technology centered jobs for families and future graduates, but we hope to add Oracle to our great corporate partnerships who give back to our public schools through meaningful partnerships to prepare students for high tech jobs. IT skills are a priority for MNPS and we are excited by the possibility of partnering with Oracle to bring their track record of computer science education to our students.”

Oracle has a history of partnering with HBCUs in their other locations and has been acknowledged as a Top Supporter of HBCUs. With Mayor Cooper’s encouragement, company executives have already begun to engage with leaders at Nashville’s HBCUs about similar opportunities.

“Today’s news is another affirmation that major companies want to be in our city. They want to build here and grow roots here,” Mayor Cooper said. “My job is to make sure Nashville invests in our students and graduates. It’s great that our graduates won’t need to go to the West Coast for top-tier tech jobs.”

Joe Woolley, CEO of Nashville’s LGBT Chamber of Commerce, spoke to Oracle’s record as an ally to the LBGT community. “The Nashville LGBT Chamber welcomes Oracle to the city and looks forward to working with them on diversity and inclusion initiatives here. We know that Oracle takes LGBTQ+ inclusivity seriously by their commitment to internal policies and programs that we know of and can see through actions. Notably, Oracle has a perfect 100 score on the Human Rights Campaign Equality Index.”

Ralph Schulz, President of the Nashville Area Chamber of Commerce spoke to the value of adding thousands of high-paying jobs to Davidson County. Schulz said, “A project like this would be a big strategic win for Nashville and would expand opportunities for Nashvillians. 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.”

Transforming Nashville’s East Bank

Oracle’s campus would bring new life to a challenging piece of Nashville’s urban core. The company’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. Without the sizable investment from Oracle, the transformation of this site would not be feasible.

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.

Oracle’s potential arrival would join together major corporate citizens – including Tennessee Titans and Monroe Investment– in Mayor Cooper’s vision to transform the East Bank of the Cumberland River.

 

[WebberThomas4]

^I was not a big fan of Cooper at the beginning, but he deserves credit for how this deal was put together.  Well done. 
 

Also, whatever happened to the hotel project on the corner of Cowan and Jefferson? I’m assuming it was a covid casualty but I’m sure the developers were happy to see this.

 

[Flatrock]

2 minutes ago, WebberThomas4 said:

^I was not a big fan of Cooper at the beginning, but he deserves credit for how this deal was put together.  Well done. 

Roger that. I'm 100% there with you.  Well done, indeed. 

[satalac]

Yeah, this a definitely a win for Cooper. Not a big fan of his, but I'll definitely give credit where it's due. Great win for Nashville. 

[chris holman]

I'm thinking from the rendering it doesn't look like 1,200,000sf even in those buildings.  I could be wrong but I think the project might be larger than shown.

[chris holman]

Austin's  Oracle is  560,000-square-ft unless it's referring to the entire campus not just the office space

[Binbin98]

2 hours ago, downtownresident said:

Here's a link to the city's press release: https://www.nashville.gov/News-Media/News-Article/ID/10778/Mayor-John-Cooper-Welcomes-8500-Oracle-Jobs-to-Nashville.aspx

 

Nashville needs a chiropractor for carrying the whole state for 8 years or so now lol.

My question is now that Amazon has been trumped by oracle with the jobs announcement, do you think Amazon will respond by expanding even more to Nashville? I think Amazon is trying to get into healthcare so maybe it would be a good idea to do so. Regardless it seems like a snowball effect if happening with tech companies here, hoping the same happens with financial companies after the arrival of AllianceBernstein.

[LA_TN]

7 minutes ago, Binbin98 said:

Nashville needs a chiropractor for carrying the whole state for 8 years or so now lol.

My question is now that Amazon has been trumped by oracle with the jobs announcement, do you think Amazon will respond by expanding even more to Nashville? I think Amazon is trying to get into healthcare so maybe it would be a good idea to do so. Regardless it seems like a snowball effect if happening with tech companies here, hoping the same happens with financial companies after the arrival of AllianceBernstein.

There is no contest between Amazon and Oracle. If either decides to add more jobs, it will be a response to company needs. The only impact to either, would be a talent shortage 

[titanhog]

Since we know they’re going to build a “suburban” style campus with probably no more than 10 floors…I wish they would at least build something cool and state-of-the-art.

 

[Buildtall]

19 minutes ago, Binbin98 said:

Nashville needs a chiropractor for carrying the whole state for 8 years or so now lol.

My question is now that Amazon has been trumped by oracle with the jobs announcement, do you think Amazon will respond by expanding even more to Nashville? I think Amazon is trying to get into healthcare so maybe it would be a good idea to do so. Regardless it seems like a snowball effect if happening with tech companies here, hoping the same happens with financial companies after the arrival of AllianceBernstein.

My doctor told me last year that Amazon was buying up hospital’s. Don’t know how true that is but just thought I’d share that.

[markhollin]

Good editorial in todays's NBJ on how Oracle reflects Nashville's growth:

https://www.bizjournals.com/nashville/news/2021/04/15/from-the-editor-this-is-who-we-are-now.html


Tech leaders: Oracle will increase Nashville tech talent, further establish city as tech hub.  More at NBJ here:

https://www.bizjournals.com/nashville/news/2021/04/14/tech-chiefs-oracle-will-raise-local-talent.html

[nashville born]

Oracle's old headquarters in CA.  Photo courtesy of Businessinsider.com.  Hoping they give us a little pizazz like Titanhog said.

[dmillsphoto]

40 minutes ago, nashville born said:

Oracle's old headquarters in CA.  Photo courtesy of Businessinsider.com.  Hoping they give us a little pizazz like Titanhog said.

Or, as I call it, Boom da boom badum dumm SNICK