Nashville mayor's office proposes deal to develop first 30 acres of East Bank land

Cassandra Stephenson, Nashville Tennessean
·4 min read
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A more concrete vision is now on the horizon for Nashville's initial 30-acre foray into redeveloping its East Bank.

Nashville Mayor Freddie O'Connell's administration on Friday filed documents for Metro Council consideration outlining the terms of a proposed deal with master developer The Fallon Company.

The proposed agreement would require Fallon to deliver 1,550 total housing units, including 695 affordable units (at a mix of affordability levels). Fallon would also fund the construction of a portion of an arterial East Bank Boulevard from Victory Avenue to Shelby Avenue. The cost of the remaining portions of the boulevard is not yet clear.

A separate, nonbinding memorandum of understanding with the Tennessee Performing Arts Center would lease a parcel of Metro-owned land to the center for 35 years with extensions available, provided that TPAC is responsible for amassing state and private funds to design and build a new facility there, in addition to surrounding roads and utilities.

Metro Nashville Chief Development Officer Bob Mendes presented an updated map on January 22, 2024, showing the broad strokes of developments being negotiated for the 30-acre Metro-owned initial development area of the East Bank.
Metro Nashville Chief Development Officer Bob Mendes presented an updated map on January 22, 2024, showing the broad strokes of developments being negotiated for the 30-acre Metro-owned initial development area of the East Bank.

The development agreement and the TPAC memorandum of understanding outline an extension and redesign of the Seigenthaler Pedestrian Bridge to "enhance pedestrian and bicycle access" between downtown and the East Bank, according to a Friday news release. Fallon and TPAC will shoulder most of the cost of this project, in addition to the construction of a pedestrian and bicycle path called "Cumberland Walk" stretching from Shelby Avenue and Interstate Drive to the Cumberland River.

The city aims to have the agreements approved before Nashville's annual budget process begins in May. If the council doesn't approve these documents by then, consideration will be pushed until after the budget process concludes in June. District 19 Council member Jacob Kupin, who represents downtown Nashville and the East Bank area, will sponsor the legislation, which will be on the agenda for Metro Council's March 7 meeting.

Items for council consideration include:

  • an ordinance approving a master developer agreement and 99-year ground leases between Metro and The Fallon Company for 30 acres of Metro-owned East Bank land

  • a resolution approving a nonbinding memorandum of understanding withTPAC regarding its new location on a Metro-owned parcel

A rendering depicts an aerial view of a proposed "grand park" between a new, enclosed Tennessee Titans stadium and the Cumberland River on Nashville's East Bank.
A rendering depicts an aerial view of a proposed "grand park" between a new, enclosed Tennessee Titans stadium and the Cumberland River on Nashville's East Bank.

The master developer agreement bill is subject to three readings by Metro Council, meaning a final decision from council members is at least six weeks away. The resolution establishing a memorandum of understanding with TPAC requires one reading.

O'Connell said the legislation falls in line with priorities included in the Imagine East Bank Vision Plan, a guidepost document for the development of 338 of the bank's overall 500 acres that was approved in October 2022 after two years of planning and engagement.

"The master development agreement with The Fallon Company will bring the community-led vision of Imagine East Bank to life by prioritizing housing — it's unprecedented to have a commitment for 99 years of affordability, but that is in the agreement — safer connectivity via the Seigenthaler pedestrian bridge, child care, leveraging public and private partnerships to greatly improve infrastructure to make this one of the most walkable, bikeable, connected areas the city has seen," O'Connell said during a news conference Friday.

A rendering depicts protected bike lanes along Second Street on Nashville's East Bank.
A rendering depicts protected bike lanes along Second Street on Nashville's East Bank.

Under the proposed agreement, the 1,550 residential units would be constructed over the next decade, on the following timeline:

  • Within two years: Deliver 300 affordable units along with reserved space for day care

  • Within six years: Deliver 400 additional residential units (40 of which are affordable)

  • Within nine years: Deliver 550 additional residential units (55 of which are affordable)

  • After James Robertson Parkway is lowered to grade (timeline to be determined): Deliver 300 additional affordable residential units to be developed atop an East Bank mobility hub

O'Connell's administration confirmed earlier this month that they are working with state partners to create an East Bank Development Authority to oversee infrastructure development on hundreds of acres of land on the Cumberland River — the city's most expansive development project to date.

"This is the first piece of legislation in what is going to be a decades-long, transformational project for Nashville," Metro Chief Development Officer Bob Mendes, who represented Nashville in negotiations with Fallon and TPAC, said in a news release. "I am grateful to The Fallon Company for recognizing the importance of our goals in achieving a walkable, bikeable neighborhood that's for locals at every economic level."

This article originally appeared on Nashville Tennessean: Nashville council to consider deal to develop 30 acres on East Bank