(The Center Square) – Development on Nashville’s East Bank is moving forward as the area prepares for a new $2.1 billion Tennessee Titans stadium, set to open in 2027, and development in the area surrounding it.
Both the House and Senate will soon discuss companion bills to create an East Bank Development Authority board after Nashville’s Metro Council approved a deal to have Fallon Co. develop the initial 30 acres of Nashville-owned land in the development area.
The board would consist of nine members with further debate expected on who will nominate them.
That development is part of a 130-acre tax capture zone where 50% of the sales tax collected will go toward a stadium fund to pay off bonds on the construction along with infrastructure and future maintenance and renovations at the stadium.
Once the new Nissan Stadium is completed, the current stadium is set to be demolished. The 50% tax capture zone is estimated to collect $682.7 million in sales tax with $455.1 million of captured state sales tax and $227.6 million in captured local sales tax over the life of the lease as part of an estimated $3.1 billion in total captured taxes.
Fallon’s work on will include an estimated $147 million in infrastructure costs for nine projects in the development zone including $6.8 million from Nashville, $67.6 million from the Tennessee Performing Arts Center’s move on the East Bank and $72.6 million from Fallon.
The development will have an estimated 1,550 residential units with 695 of those deemed affordable at a price of 80% of the area median income and below.
Beacon Center included TPAC’s move in its annual Pork Report on wasteful government spending in December because Tennessee gave $200 million for the move with $300 million expected.
“Nashvillians told us they wanted great neighborhoods on the city’s East Bank,” Nashville Mayor Freddie O’Connell said in a statement. “This agreement with The Fallon Company will help us deliver a neighborhood for all Nashvillians – with unprecedented commitments in affordable housing, child care, and complete streets.”