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

[Luvemtall]

Yeah, that’s something I’ve been thinking about. A ploy and bargaining  tool .

[PillowTalk4]

1 hour ago, nashville born said:

Number one, really hope this is true and not some ploy to get more perks from Texas.  Number two, if it is true, hope it makes developers and financiers even more bullish on Nashville.  

Build 800 Lea, 1001 Church, Buckingham Gulch, and Gulch Central immediately!!!!

 

You might need to let those projects rest in peace at What Could Have Been Cemetery... the Oracle announcement will probably progress development in the East Bank  more so than other parts of the CBD.

[andywildman]

4 hours ago, downtownresident said:

I think it caught everyone off guard. It's good to hear from the top that the campus is still a major priority. Hopefully we get to see some of the initial plans soon. 

Old-school billionaire exec just spouting off plans before they've been finalized, run through the company's expensive communications department, syncronized with local governments. Makes me think plans aren't close to finalized, still years out.

[samsonh]

41 minutes ago, andywildman said:

Old-school billionaire exec just spouting off plans before they've been finalized, run through the company's expensive communications department, syncronized with local governments. Makes me think plans aren't close to finalized, still years out.

Exactly. 

[nashville born]

2 hours ago, PillowTalk4 said:

You might need to let those projects rest in peace at What Could Have Been Cemetery... the Oracle announcement will probably progress development in the East Bank  more so than other parts of the CBD.

Point taken.  I still believe an announcement like this, if true, could absolutely have downstream impact on developments in the CBD.  Said differently, everybody who eventually would work at an Oracle campus wouldn't live in the East Bank (800 Lea could absorb some of that volume).  And if an Oracle is coming to town, you could likely expect other ancillary companies to follow which could necessitate a need for more office space (1001 Church and Gulch Central).  Not debating as much as clarifying my thoughts.

Edited April 25 by nashville born

[Bos2Nash]

More than the "world headquarters" announcement, having Norman Foster involved with the project would be incredible for Nashville. I have heard that Vandy has worked with Sir Norman Foster before, but I do not believe anything has come to fruition. While I don't always buy into the whole "star-chitecture" mantra, Foster has been at the forefront of sustainable design for decades and has an amazing portfolio of work. Even though I am not expecting any buildings above 8 to 10 floors, my expectations for the design are now way higher than I ever imagined. 

[KJHburg]

from CPE Magazine about the Oracle move and headquarters announcement.

Behind Oracle's HQ Move to Nashville - Commercial Property Executive (commercialsearch.com)

[markhollin]

Stuart McWhorter and Lyndi Berrones have been given a gift and a mystery with this week's pronouncement by Oracle Corp. Chairman Larry Ellison that he will be moving the Fortune 100 company's world headquarters to Nashville.

Put another way: The duo doesn't have any numbers or details that immediately explain what that new distinction may involve. But they sure intend to use it as they recruit other companies to relocate or expand in the region.

McWhorter is the state's economic development commissioner. Berrones, now an assistant commissioner, was integral in the recruiting process that resulted in Oracle's 2021 decision to build an office campus where 8,500 people would work within a decade.

"This will likely be just the beginning of additional investments in our city from other companies," McWhorter said, speaking of ripple effects he sees for several decades to come. "It will open the door for so many other businesses to consider coming here."

"Just in the last six months or so, we've seen more office-headquarters projects looking around. This is a big signal," Berrones said about Ellison's comments. "My hope is any other headquarters or corporate users out there who are putting a toe into the market see this as, 'Oh, maybe it's time.'"

Berrones' former boss believes that will be the case.

"This will put the city and the state back on the front page for consideration," said Bob Rolfe, who was commissioner of the Department of Economic and Community Development for almost six years and did much of the work to bring Oracle's original deal to Nashville.

More at NBJ here:

https://www.bizjournals.com/nashville/news/2024/04/25/oracle-hq-austin-ellison-economic-development-jobs.html

[MLBrumby]

If I were a $10 million per year executive officer of a F500 corporation, I'd want to live in a state that doesn't have an income tax.... which can mean up to $600K per year compared to many other states. I'd be looking at TN, TX, or FL to move my HQ, no doubt. 

[smeagolsfree]

The property tax in TN is a whole lot less in TN than in TX. Property tax is how TX funds their school systems and is pretty high in the grand scheme of things. It is not a bargain and folks do not look at that before moving there.

[downtownresident]

30 minutes ago, smeagolsfree said:

The property tax in TN is a whole lot less in TN than in TX. Property tax is how TX funds their school systems and is pretty high in the grand scheme of things. It is not a bargain and folks do not look at that before moving there.

You’re not kidding. It’s come down the last few years, but our property tax in Dallas still runs over 2k more per year than in Nashville. 

[Luvemtall]

As I’ve mentioned before, Nashville is one of the most affordable large cities regardless of what the locals think. They just haven’t experienced living elsewhere.

[PillowTalk4]

20 hours ago, nashville born said:

Point taken.  I still believe an announcement like this, if true, could absolutely have downstream impact on developments in the CBD.  Said differently, everybody who eventually would work at an Oracle campus wouldn't live in the East Bank (800 Lea could absorb some of that volume).  And if an Oracle is coming to town, you could likely expect other ancillary companies to follow which could necessitate a need for more office space (1001 Church and Gulch Central).  Not debating as much as clarifying my thoughts.

I don't disagree, I just think as far as the CBD is concerned the East Bank will get a bigger boost than SoBro.  I think it is more likely that the East Bank will see a bit of acceleration in developing residential properties.  Also keep in mind that families do not generally lean towards high rise living, so with the amount of people Oracle will potentially bring/hire, there will be a lot of families included.  So, neighborhoods around the CBD will probably do well.  Especially those east, north, northeast and northwest of the CBD.

As far as other companies following Oracle, well that will depend on exactly what Oracle intends for this campus to do.  If it will be more administrative and R&D, then you want necessarily see other companies locating here to be near Oracle.  Manufacturing facilities tend to draw other companies to locate nearby.  But, you can't count out other high tech companies wanting to have a similar presence near an Oracle headquarters.

[PaulChinetti]

2 hours ago, Luvemtall said:

As I’ve mentioned before, Nashville is one of the most affordable large cities regardless of what the locals think. They just haven’t experienced living elsewhere.

And they remember 1990s prices... 

[markhollin]

Oracle's World HQ  announcement has thrust Nashville back into the national spotlight, like this feature at the Wall Street Journal:

https://www.wsj.com/economy/nashville-oracle-music-city-boom-2ec2e3d2?mod=hp_listc_pos3

[smeagolsfree]

Interesting read.

 

Oracle Has More Employees In California Than HQ Texas, Documents Show Ahead Of Nashville Move: Report - Oracle (NYSE:ORCL) - Benzinga

 

[lmc123]

On 4/24/2024 at 8:03 AM, lmc123 said:

Where do things stand with the pedestrian bridge?

Bueller? 

[Luvemtall]

From the beginning, Oracle intended to bring around 8,500 employees into Nashville. So at that , Nashville would outnumber both California and Texas . If they are primarily focused on health care, then I can see why they would want to push for a larger presence here. Hopefully this isn’t just hype. 

[Bos2Nash]

7 hours ago, lmc123 said:

Bueller? 

Last I had heard, things were making their way through the approval process. There is ALOT that is going into the bridge going across a very active waterway and there are alot of eyes that need to look over it.

[nashmoney]

On 4/26/2024 at 9:04 AM, Luvemtall said:

As I’ve mentioned before, Nashville is one of the most affordable large cities regardless of what the locals think. They just haven’t experienced living elsewhere.

https://www.wkrn.com/news/local-news/nashville/142k-salary-needed-to-afford-median-home-price-in-nashville-realtor-com-says/

$142K salary needed to afford median home price in Nashville, Realtor.com says

https://www.wsmv.com/2023/04/12/study-how-much-do-you-need-make-be-middle-class-nashville/

The study says Nashville is ranked No. 52 among the 100 largest cities in the U.S., with a median household income of $64,857. The middle income lower limit is just over $43,000, and the upper limit is just shy of $130,000.

[Luvemtall]

Although charts and analysis are often a great way to gauge things, it’s not always a clear indicator of the whole picture. Yes no doubt the cost of living in the Nashville area has skyrocketed, but in the overall it’s still more affordable than a lot of places. What’s usually left out is everything else that you have to spend to survive, taxes, food and energy costs, etc. the cost of housing is just one factor. For example my family in Connecticut (where all their major cities combined don’t equal the size of Nashville) just bought a 1300 sq ft house for 485,000 but now you add in 11,450 a year in property taxes, 3500 a season for oil to heat the house, 1400 a year for auto taxes , 50-75 cent more on average for gasoline, food cost about 25% more and then you can get the picture. Where as here in the ‘Boro my wife and I just recently bought a 1900 sq ft home for 405,000 and our property tax is 1,800 a year on twice the size lot. And our average utility bill is 1250 per year. Just a known comparison, that is close to current. Thats why I made the statement above, I’ve lived in the Northeast for 30 years, Florida for 19 years and in my professional career traveled to all the lower 48 I have seen and experienced the difference between the areas of the country and yes Nashville might not be the least expensive, but it’s definitely not the most.