Inside Nashville’s proposed East Bank Development Deal
A blueprint for Nashville’s newest riverfront neighborhood, an East Bank development deal, is currently under examination by its council. The plan provides insight into how the area, which consists of hundred acres of parking lots and industrial land, will transform over the next decade into an active center.
The East Bank Development Plan
The Tennessee Titans have already laid the foundation for the East Bank transformation by commencing work on a new $2.1 billion stadium, expected to open by April 2027. Furthermore, if the proposed agreement between Metro and the Fallon Company comes to pass, development of the initial 30 acres of Metro-owned land surrounding the stadium may start as early as Spring 2026.
Elements of the Deal
The proposed agreement offers more clarity about the distribution of costs, the character of the planned neighborhood, and the provision of 695 affordable housing units on the 695-acre site. It also lays out an estimated timeline for Nashville’s most ambitious project to date.
Affordable Housing
The proposed deal necessitates Fallon to construct 1,550 units across five residential buildings, including 695 income-restricted units. At least 600 of the affordable units are expected to be placed in two income-restricted buildings, with a timeline for constructions to commence in 2026.
Neighborhood Dynamics
In efforts to impede nuisances like short-term rentals and casinos, the proposal between Metro and Fallon would limit the number of hotel structure and mandate neighborhood building. “Our goal is to put a neighborhood around the new stadium that’s a genuine, actual neighborhood and not just an extended party zone,” says Metro Nashville Chief Development Officer. Provisions for day care facilities and ground-level retail also form part of the development plans.
Infrastructure
Another feature of the proposal is clarity on the division of costs for developing infrastructure. The costly expenses of building infrastructure on the East Bank will be shared among various stakeholders including Fallon, Metro, TPAC, and the Titans, each bearing responsibility for different components of the project.
Revenue for Metro
The proposal also lays out provisions for revenue influxes for Metro from rent and property taxes paid by Fallon. Upon the sale or refinancing of the property within the Initial Development Area, a percentage of the proceeds, termed as “future participation rent’’, shall be paid to Metro by the tenant. This arrangement is designed to allow Metro to share in the revenue as the market value of the buildings increase and they change hands.
An unveiling of Nashville’s vision for its East Bank, the development deal, if approved, will potentially yield a vibrant riverfront neighborhood bustling with activity. The proposal awaits its first examination by the Metro Council.
