Metro Council approves East Bank development plans

Ethan Illers
·2 min read
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NASHVILLE, Tenn. (WKRN) – Metro Council unanimously approved the East Bank development agreement during its meeting Tuesday night.

The move secures plans to transform nearly 30 acres of land around the cornerstone of the development – the new, multibillion dollar Nissan Stadium. Metro Government and The Fallon Company will be working in tandem on the project.

“Nashvillians told us they wanted great neighborhoods on the city’s East Bank,” said Nashville Mayor Freddie O’Connell. “This agreement with The Fallon Company will help us deliver a neighborhood for all Nashvillians – with unprecedented commitments in affordable housing, childcare, and complete streets.”

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Metro chose to work with Fallon, a leading national real estate development firm, due to the “company’s commitment to bringing the community’s vision to life and prioritizing providing much-needed affordable housing.”

“We’re grateful to Mayor O’Connell, Chief Development Officer Bob Mendes, the Metro Council and the Metro East Bank team for their partnership in advancing this project to transform the East Bank into a vibrant and inclusive new neighborhood for Nashville,” said The Fallon Company CEO Michael Fallon. “Our team appreciates the many Nashvillians who shared their perspectives and feedback throughout the comprehensive community engagement process. We look forward to continuing our partnership with Metro and all project stakeholders, working together as we create this dynamic neighborhood.”

In addition to the new Nissan Stadium, 1,500 housing units will be built, with nearly half being dedicated at affordable rates. The agreement between Metro and Fallon also requires the affordability requirements stay in place for the entire 99-year duration of the ground leases, which ensures stable, affordable housing options near jobs and transit for Nashville workers.

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A new home for the Tennessee Performing Arts Center is also included in the plan. However, the development company is not responsible for building a new TPAC, as TPAC will be handling that portion of the bill themselves.

East Bank Initial Development Area (IDA) By the Numbers:

  • $147 million: Estimated infrastructure cost for the Initial Development Area

    • $72.6 million: Fallon’s share of the infrastructure cost (49%)

    • $67.6 million: TPAC’s share of the infrastructure cost (46%)

    • $6.8 million: Metro’s share of the infrastructure cost (5%)

  • 1,550: Number of total residential units to be built by Fallon

    • 695: Number of residential units that are affordable [80% Area Median Income (AMI) and below]

  • 30: Acres of Metro-owned land to be developed by The Fallon Company in the Initial Development Area (IDA)

    • 130: Acres of land on the East Bank owned by Metro

    • 550: Acres of public and private land on the East Bank

To learn more about the East Bank Development, click here.

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