NASHVILLE, TN (WSMV) - Oracle, a computer software company based in Austin, Texas, announced they plan to bring 8,500 jobs to Nashville if approved by the city. It would also add a $1.2-billion-dollar campus to the east bank of the Cumberland River.
Right now, the east bank is home to many production companies on Cowan Street. But now some businesses say they will have to find a new location when Oracle takes over their current space.
“It’s not the most aesthetically pleasing right now, but it will be really exciting to see what it will look like in a few years,” says Diana Pelham, a Germantown resident.
“It’s rare to have this much land, especially on a riverfront in a major urban area,” describes Brett Withers, Metro Council Member for District 6. He says Oracle’s plan will include a pedestrian bridge that connects the east bank to Germantown, and a new riverfront park.
“The idea is to turn this into a major corporate campus, as well as add housing and sort of turn it into an entire neighborhood over here.”
“And I can’t think of a better way to start a rebound,” says Mayor John Cooper. Mayor Cooper says this is the biggest announcement in state history. He says this will include no taxpayer dollars or debt for the city.
“They are putting in $175-million of public infrastructure required. Now, they are going to be paid back by half of their future property taxes, but they’re footing the risk, they’re footing the deal,” Mayor Cooper says.
“We kind of caught wind of Oracle possibly moving,” says Pelham. “But we’re just thinking for the development for Nashville and this neighborhood and home values and things of that nature that we are pretty excited about it actually.”
Oracle says the project will be complete in 2031, but there will be 2,500 new jobs by 2027.