Oracle, 60 acres at River North, 1,200,000 sq. ft. of space, $1.2B Investment, 8,500 jobs

[PaulChinetti]

Ok so I should look at it as, sure Oracle is getting a tax break to build the bridge. BUT Metro will end up getting tax revenue from the completed projects that Oracle and anyone else will build there, where without the bridge, probably nothing would have happened there at all or as quickly?

[nashvylle]

5 minutes ago, PaulChinetti said:

Ok so I should look at it as, sure Oracle is getting a tax break to build the bridge. BUT Metro will end up getting tax revenue from the completed projects that Oracle and anyone else will build there, where without the bridge, probably nothing would have happened there at all or as quickly?

Yes, but Oracle is not just building the bridge. They are doing all the infrastructure work (IE flood mitigation... very $$$). Metro essentially could have done nothing and received $0 more in tax revenue, or negotiated this deal, get 50% of any increase, plus 8,500 jobs. 

[samsonh]

48 minutes ago, nashvylle said:

Yes, but Oracle is not just building the bridge. They are doing all the infrastructure work (IE flood mitigation... very $$$). Metro essentially could have done nothing and received $0 more in tax revenue, or negotiated this deal, get 50% of any increase, plus 8,500 jobs. 

The issue with all these deals is that they do not account for the increased costs new residents and employees will occur that are not being paid for because half of the revenue is already accounted for. Similar issue as with the Titans stadium. 

[MidTenn1]

4 hours ago, Baronakim said:

That looks awfully low above the water.  What is the minimum vertical clearnce required on the Cumberland during periods of high water?  Is this goining to be lower clearance than any of the other bridges downtown or will this prevent steamboats from visiting Nashville downtown?  Doesn't the General Jackson have stacks which fold down to clear?

 

From the ARAP Permit (page 22 on upper right box) there will be a minimum clearance of 70' in the channel. (The rendering is not from the permit).

 

The elevation enlarged....

And from WIKIPEDIA

Quote

General Jackson was built by Jeffboat in Jeffersonville, Indiana and launched in 1985. Though built to resemble a vintage steam-powered riverboat, it is actually powered by diesel generators which power two 600 horsepower (450 kW) electric motors, which in turn propel a 24-foot-diameter (7.3 m), 36-ton sternwheel. The boat has a capacity of 1,200 passengers and 157 crew members. She is 274 feet (84 m) long (300 feet (91 m) with gangway extended), has a 63-foot-6-inch (19.35 m) beam (width), is 77 feet (23 m) tall with her folding smokestacks fully extended (the folding stacks are necessary because of low bridge clearances), and has a draft of 7 feet (2.1 m).[1]

 

Edited June 20, 2023 by MidTenn1

[andywildman]

5 hours ago, markhollin said:

A new rendering was released yesterday for the pedestrian bridge across the Cumberland River connecting the Oracle Campus to Germantown.  Its cost will be part of the $175 million upfront fund for fund new infrastructure on the riverfront, including the pedestrian bridge, greenways, parks, roads, and public utilities. Metro will reimburse that investment through a 25-year, 50% property tax discount. Costs beyond that $175 million will be borne by Oracle.

More at The Tennessean here:

https://www.tennessean.com/story/news/local/davidson/2023/06/20/downtown-nashville-pedestrian-bridnew-rendering-shows-concept-for-oracle-pedestrian-bicyclist-bridge/70327102007/

 

It's pretty, but it's clearly putting form over function (and it's a critical function: pedestrian & bicycle access over the river on the north side of downtown to East Nashville).

It's a shame that pedestrian paths and bridges get these long, looping, indirect routes... Can you imagine building a car bridge with excess and unnecessary distance?

[MLBrumby]

The swoopy design is actually an effective way to get to the maximum height of the bridge at a gradual slope and enables a wider span at the highest clearance. The arch above the bridge itself may or may not serve a structural purpose as a suspension bridge. Without the pilings all the way across, it’s likely bearing much of the weight. 

[MidTenn1]

The total height of the bridge from top of the arch to the river is 163 feet and from footing to footing is 770 feet. For comparison, the Gateway Arch in St. Louis is 630 feet tall and 630 feet wide. This bridge will be impressive.

Edited June 20, 2023 by MidTenn1

[Luvemtall]

MidTenn , do you have knowledge of,or a feeling that this bridge will have great lighting? It looks like a piece of modern art and should be accented with great lighting 

Edited June 20, 2023 by Luvemtall

[MidTenn1]

8 minutes ago, Luvemtall said:

MidTenn , do you have knowledge of,or a feeling that this bridge will have great lighting? It looks like a piece of modern art and should be accented with great lighting 

No, sorry, I can't tell anything from the ARAP permit or the rendering. Maybe it will be Oracle red!!!!!

[Bos2Nash]

On 6/20/2023 at 2:40 PM, andywildman said:

It's pretty, but it's clearly putting form over function (and it's a critical function: pedestrian & bicycle access over the river on the north side of downtown to East Nashville).

It's a shame that pedestrian paths and bridges get these long, looping, indirect routes... Can you imagine building a car bridge with excess and unnecessary distance?

You have to remember this is a private entity funding this bridge to be a highlight of their campus. If this was a city funded bridge it would be straight, look like an interstate bridge and most likely would serve primarily cars. The bridge is designed to get folks from the Germantown landing spot (tight location between Neuoff and The Griff) and the Oracle campus, specifically employees. Technically this is a very direct route for what the purpose of the bridge is. 

On 6/20/2023 at 5:28 PM, Luvemtall said:

MidTenn , do you have knowledge of,or a feeling that this bridge will have great lighting? It looks like a piece of modern art and should be accented with great lighting 

Lighting will be important. Can't comment of the scheme itself, but I would expect solid lighting. The design team Rosales Partners have a vast experience and pride themselves on "structural art". I would NOT expect Oracle red haha.

[PaulChinetti]

https://www.rosalespartners.com/portfolio/pedestrian-bridges/

They've made some pretty great ones.

[nashvylle]

I'd like to attend!

https://www.bizjournals.com/nashville/news/2023/07/31/oracle-nashville-business-event-downtown-hotel.html 

 

[nashville born]

16 hours ago, nashvylle said:

I'd like to attend!

https://www.bizjournals.com/nashville/news/2023/07/31/oracle-nashville-business-event-downtown-hotel.html 

 

I've got your back!  I'll call Larry today.  Did you need a plus one?

[nashvylle]

2 hours ago, nashville born said:

I've got your back!  I'll call Larry today.  Did you need a plus one?

I'll just say Urban Planet if that would work!

[nashvylle]

Nothing on construction start dates, but I have heard rumors on initial plans could be submitted this fall. I also heard 800 people have been hired (opposed to 500 per NBJ) in Nashville (~9.5% of their total hiring milestone).  Appears the event last night was a great meet and greet of Nashville healthcare executives. 

https://www.bizjournals.com/nashville/news/2023/08/08/oracle-health-reception-cerner.html

https://www.linkedin.com/posts/david-feinberg-md_theres-no-shortage-of-enthusiasm-talent-activity-7092916532447510528-kmMw?utm_source=share&utm_medium=member_desktop

 

Edited August 8, 2023 by nashvylle

[markhollin]

Infrastructure work being done along Cowan St. where it hugs the Cumberland River on north end of property:

[lmc123]

Fencing starting to go up along Cowan just north of The Landings.

[MidTenn1]

On 6/20/2023 at 5:28 PM, Luvemtall said:

MidTenn , do you have knowledge of,or a feeling that this bridge will have great lighting? It looks like a piece of modern art and should be accented with great lighting 

The ROSALE web site has some more spectacular renderings of the bridge, The labels are ones I added. 

It will be beautifully lighted.

[Rick Dalton]

Quite beautiful. Although they have taken some artistic liberties with the shade of blue used for the river water.

[nashvylle]

Oracle founder recently meets with Bill Frist in Franklin to discuss healthcare industry:

https://www.bizjournals.com/nashville/news/2023/10/30/oracle-ellison-bill-frist-cressey-vc-health-care.html

 

[MLBrumby]

Has anyone heard anything lately about Oracle's start date for construction? I heard it was imminent but 2023 is coming to an end. 

From this piece in the Tennessean...  https://www.bizjournals.com/nashville/news/2023/05/04/oracle-jobs-nashville-growth-tech-campus.html 

Thursday is the two-year mark of when Metro Council voted 40-0 to endorse tax benefits for Oracle Corp. (NYSE: ORCL), propelling a record-setting economic development project across the finish line. Oracle pledged to have 8,500 employees by 2031, with about 30% of that workforce in place by 2027. Average annual wages would be $110,000, and those jobs would be located on a $1.35 billion riverfront campus on the East Bank of the Cumberland River.

[Bos2Nash]

They have been hiring folks as far as I know, but to a certain extent I think their actual construction is going to be a product of the borrowing power/interest. Obviously the ownership at Oracle has wealth (4th richest according to Forbes), but that doesn't automatically mean private financing. Wish I knew when the ground work would actually start (if not for me but also my clients), but unfortunately I think we are a "wait and see" pattern like many other projects.

[markhollin]

Oracle founder and CTO Larry Ellison remains bullish and announced plans Monday to build 100 new cloud data centers as well as to expand the size and services of its 66 existing centers.

"We have to build 100 additional cloud data centers because there are billions of dollars more in contracted demand than we currently can supply," Ellison said on company's second quarter fiscal 2024 earnings call. "Cloud Infrastructure demand is huge and growing at an unprecedented rate."

It is unclear if one of these will be part of the new Nashville Campus or not.

More at NBJ here:

https://www.bizjournals.com/nashville/news/2023/12/14/oracle-announces-plans-to-build-100-new-cloud-data.html
 

[WebberThomas4]

Fencing is up around the perimeter of what would be the first phase of the Oracle campus. 

[markhollin]

Mayor Freddie O'Connell met with Merissa Khachigian, Oracle's top Tennessee lobbyist last week, and this info was relayed at the Nashville Business Breakfast:

The session was "introductory in nature," said O'Connell spokesman Alex Apple. He said the others at the meeting were Greg Hinote, who represents Oracle as co-owner of the Nashville lobbying firm Jigsaw, and Bob Mendes, Metro's chief development officer.

At the Business Breakfast event, O'Connell was asked how the enduring forces of remote work and hybrid jobs might impact the scope of Oracle's plans — which were first revealed almost three years ago.

"They highlighted what you just said," O'Connell said in response to the question. "I don't think it's going to change dramatically their plans. They've clearly got a very large investment in Nashville — maybe the single largest corporate investment in Nashville. And they're committed to it. They're committed to the infrastructure process."

Oracle has spent $277 million buying that land, though construction has not yet started.

In an incentives deal with Metro, Oracle agreed to pay for $175 million of public infrastructure up-front, including a pedestrian bridge over the river as well as sewer pump stations and roads. Oracle would recoup most or all of that expense over a maximum of 25 years by keeping half of the new property taxes generated by the site's development.

The company has to decide how much office space to build, a key factor in what the final campus design will entail.

"What happens next may not look exactly like the renderings, or may not happen on their original timeline," O'Connell said. "But I actually think the work we do on the East Bank will help them feel compelled to follow through, because we will also be putting plenty of residents right nearby. We will be creating workforce opportunities. Our tech sector is booming. And we are going to try to continue our work with our academic partners and Metro Schools to make sure that we can sustain our knowledge economy with a local workforce.

"I think all those things will help Oracle continue to advance. It may just not be where we were pre-Covid. Most major organizations are still dealing with that, the process of how they incorporate hybrid workplaces and who's coming into the office," O'Connell added. "Oracle is a tech company, which means they can facilitate remote work probably more easily than some other sectors."

More at NBJ here:

https://www.bizjournals.com/nashville/news/2024/02/12/oracle-east-bank-office-campus-mayor-tech.html