East Bank Legislation Heads to Metro Council

The Metro Council will now get to decide on an agreement with The Fallon Company related to the development of 30 acres of the city's East Bank.

Mayor Freddie O’Connell announced Friday that he has filed an ordinance allowing Metro to enter into a development agreement and ground lease with the company. The O’Connell administration picked up contract negotiations with Fallon after the company was chosen as the master developer in the final days of former Mayor John Cooper’s administration.

“We’ve worked diligently with Mayor O’Connell, Chief Development Officer Bob Mendes and the talented Metro team to ensure the community’s vision and input is reflected in every aspect of our plan,” says Fallon Company president Brian Awe in a release. "We look forward to continuing to partner with Metro and the residents of Nashville to bring our shared vision to life."

A key part of the East Bank plan has been affordability, and the development agreement locks in affordability for the duration of a 99-year ground lease. That is “unprecedented first” for Nashville’s affordable housing efforts, according to the O’Connell administration.

The development agreement would include 300 affordable units constructed with a day care within two years. In total, the agreement would allow for the construction of 695 affordable units, with 300 more delivered in conjunction with a transportation hub after work on James Robertson Parkway is complete. The other 95 affordable units could come between six and nine years — with 10 percent of affordable units required for 400 residences in six years and 550 in nine years.

In addition, the agreement would require Fallon to cover the cost of the construction of the future East Bank Boulevard from Victory Way to Shelby Avenue. A bicycle and pedestrian path from Shelby Avenue and Interstate Drive to the Cumberland River — the Cumberland Walk — will also be funded by Fallon along with the Tennessee Performing Arts Center.

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TPAC and the O’Connell administration also announced the performing arts center will officially have a home on the East Bank, if the council passes the resolution the mayor filed approving a memorandum of understanding. TPAC is currently located near the state Capitol at the James K. Polk Cultural Center, which was deemed antiquated by a state real estate assessment. The state has put $200 million in the Fiscal Year 2023-24 budget for TPAC’s future facility contingent upon matching private-sector dollars.

The MOU outlines that Metro would ground lease a portion of land to TPAC for 35 years with extensions. TPAC would be responsible for funding its own facility as well as a “significant portion” of construction for the redesigned pedestrian bridge, roads and utilities. Fallon will also be responsible for part of the cost of the updating of the existing Seigenthaler Pedestrian Bridge.

“Creating a visionary, innovative performing arts venue will allow us to elevate our programming and enhance the visitor experience, providing meaningful opportunities to experience Broadway shows, extensive educational opportunities for students across the state and a home to the Nashville Ballet, Nashville Opera and Nashville Repertory Theatre,” says TPAC president and CEO Jennifer Turner in a release.

The Metro Council will have the first of three readings for the Fallon ordinance on March 7. That same day, the council will also consider and vote on the TPAC resolution. District 19 Councilmember Jacob Kupin is the sponsor of the legislation.

This article was first published via our sister publication, the Nashville Post.