Tech giant Oracle is planning to bring 8,500 jobs with an average salary north of $100,000 to the River North development, according to multiple local media reports Wednesday.
The West Coast company’s plan to open a major office in Nashville has been in the works for more than two years.
According to The Tennessean, the city will forfeit half of Oracle’s property tax payments on the property to reimburse the company for infrastructure costs.
“In an unprecedented deal structure for Nashville, no new debt is being issued and there is no burden on our taxpayers,” says Mayor John Cooper in a statement. “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.”
According to The Tennessean, the company is expected to hire 2,500 people locally by the end of 2027, with the full complement of 8,500 positions filled by 2031.
State officials have not announced their plans for incentivizing the development.
As described, this would be the largest economic development deal in the state to date. Amazon’s planned operations hub in downtown Nashville is expected to include 5,000 jobs.
The Industrial Development Board is holding a public hearing on the plan on Tuesday, April 27.
Nashville Business Journal reports Oracle has some River North property under contract to be acquired from Chicago-based Monroe Investments.
The development will fall within Metro Councilmember Sean Parker's District 5. Of note, the plan as envisioned would involve a pedestrian bridge connecting River North to Germantown, with a greenway seemingly eyed for the East Bank.
"I’m looking forward to discussion and public hearing at the April 27th Industrial Development Board meeting," Parker says. "The Mayor’s Office has been working hard on the fiscal side of this. I don’t believe any previous arrangements have limited taxpayer liability as much as this proposal. It’s exciting to see major infrastructure needs in the district such as greenways, connectivity to Germantown, and brownfield remediation prioritized by Oracle. These projects have been planned for some time but this proposal would accelerate delivery."
This story was first published by our sister publication, the Nashville Post.
