East Bank – I-24 to the Cumberland/I-24 Overpass up to Jefferson – 338 Acres, Nissan Stadium, "Imagine East Bank"

[MorganRehnberg]

I went to an East Bank walk around with a couple council members and the topic of the placement of the affordable housing near the scrapyard was a major point of concern among many of the constituents there. Also concerns about making sure the pedestrian bridge extension is easily accessible to/from the new boulevard for people on bikes. 

[markhollin]

At the Metro Council meeting on Tuesday night, the body approved both key pieces of legislation to move forward on the initial development area of the East Bank: the master developer agreement with The Fallon Company and the memorandum of understanding with TPAC.

“Nashvillians told us they wanted great neighborhoods on the city’s East Bank,” Mayor O’Connell said in a statement. “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.”

The mayor’s statement said that the agreement allows Metro to move forward on the Imagine East Bank Vision Plan developed by the city’s planning department with community engagement. As part of the contract, the company has committed to bring 1,550 residential units, including 695 that are affordable. Fallon’s commitment to bringing that vision to life is part of why Metro selected the company, the mayor’s statement said.

"Our team appreciates the many Nashvillians who shared their perspectives and feedback throughout the comprehensive community engagement process,” The Fallon Company CEO Michael Fallon said in the release. “We look forward to continuing our partnership with Metro and all project stakeholders, working together as we create this dynamic neighborhood.”

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/politics/metro/east-bank-legislation-lands-final-approval-in-metro-council/article_018e9f4c-fcba-11ee-a542-8b3ad5c3d9e7.html


And at NBJ here:

https://www.bizjournals.com/nashville/news/2024/04/17/east-bank-development-metro-council-fallon-co-deal.html


And The Tennessean here:

https://www.tennessean.com/story/news/local/davidson/2024/04/16/nashvilles-east-bank-council-signs-off-on-deal-for-first-30-acres/73264999007/

[MLBrumby]

Anyone here know the final site plan that's been approved?  Seems like they're still throwing out so many different plans, even when it's been decided to build the new stadium. Is this the one they're planning? Hence the need to "drop" JRP to a lower level for intersecting with East Bank Blvd.? 

[markhollin]

The Fallon Co. is eyeing an early 2026 start date for the first phase of East Bank development.

“Success for us is starting the development as soon as we can, really showing our presence on the site and then activating the site so that the future [phases] for us really follow a natural sequence, and it starts to develop a neighborhood,” says Mike Fallon.

The 2026 start date applies to the project’s first phase which includes a hotel close to the new stadium and a building of 300 affordable housing units.

There’s a lot to be done in the meantime.

Fallon has started the master-planning process and will begin the building design process “as fast as we can,” according to Awe. The timeline is also subject to needed zoning changes, Metro approval of plans and building permits, and construction financing.

“It's going to happen over a period of time. Obviously, there’s the football stadium that's being built at the same time, TPAC will be built along the same time as well,” Awe said. “There's a lot of stuff going on in there.”

Metro's plan for an East Bank boulevard is another key element in project plans.

The route is based on widening existing roads and building new stretches of road where none exist today. It's envisioned as the central artery of an East Bank — ferrying rapid buses in their own lanes as well as bicyclists, pedestrians and vehicles.

The city has a “firm idea” of plans for the boulevard, but right of way has not been acquired and “it will be built in stages over time,” according to Bob Mendes, Metro’s chief development officer.

Fortunately for Fallon, wavering plans for East Bank boulevard will not hold up the project’s first phase.

“For the first buildings, [East Bank boulevard] is not a huge element. That’s why, in part, those are the first buildings opposed to future buildings down closer to the water,” Awe said. “For the first couple of buildings, we'll be able to go without [East Bank boulevard] in place as the remainder of the East Bank is built out.”

More at NBJ here:

https://www.bizjournals.com/nashville/news/2024/04/17/east-bank-development-deal-start-date-fallon.html

[smeagolsfree]

I think you can push the start date for any towers on the EB to 2025 Mark. Nothing according to the Fallon COS. will start this year.

[markhollin]

Nashville's getting a new neighborhood. An interview with the people making it happen from News Channel 5:

https://www.newschannel5.com/news/nashvilles-getting-a-new-neighborhood-i-got-an-exclusive-interview-with-the-people-helping-make-it-happen

 

[Bos2Nash]

Glad we are seeing a realistic schedule on the Fallon development. The notion that the first hotel was going to be ready when the stadium was opening seemed far-fetched at a minimum. 

[markhollin]

1 hour ago, Bos2Nash said:

Glad we are seeing a realistic schedule on the Fallon development. The notion that the first hotel was going to be ready when the stadium was opening seemed far-fetched at a minimum. 

Not far-fetched in the least.  If the stadium is open by the fall of 2027, any hotelier not being ready until early 2029 is going to miss out on massive paydays from a two full NFL seasons, WrestleMania, and numerous other big ticket concerts, etc. that will happen in those initial 16 months.   

But if this is the timetable they are choosing, there's not much that can be done about it.  

[Luvemtall]

Totally agree with Mark, there’s no conceivable reason why they can’t get the area directly adjacent to the stadium under construction and built in conjunction with the stadium. I don’t buy into the “it takes time “ argument, sorry it doesn’t take 5 years to get a simple repetitive hotel plan up and running. 

[chris holman]

Can't wait to see this development. But I'm concerned has there been any updates  on any plans to reduce flooding on the East Bank.  

[smeagolsfree]

There is more to the flood reduction plan that is not real public yet, but those concerns will be come to light I think soon. These have been discussed at the UP meetings by someone that is very much involved in the project and knows what is happening.

[MidTenn1]

Apparently, some construction on the East Bank will be subject to the downtown code.

[Bos2Nash]

6 hours ago, MidTenn1 said:

Apparently, some construction on the East Bank will be subject to the downtown code.

Ok. So this is showing a more concrete approach to the Metro owned land. Very interesting that they are ONLY applying it to the properties the fall under the IDA that Fallon is working on. 

Honestly, I am very happy that the DTC is being expanded. I think I had asked several people in the know if this would be the case and early on I was told no. I did hear a rumor that there would be no bonus height and no Overall Height Modifications allowed, so I will be curious to see how this develops.

[Bos2Nash]

38 minutes ago, Bos2Nash said:

Ok. So this is showing a more concrete approach to the Metro owned land. Very interesting that they are ONLY applying it to the properties the fall under the IDA that Fallon is working on. 

Honestly, I am very happy that the DTC is being expanded. I think I had asked several people in the know if this would be the case and early on I was told no. I did hear a rumor that there would be no bonus height and no Overall Height Modifications allowed, so I will be curious to see how this develops.

Speaking of no Bonus Height, the document on the Development Tracker confirms this. I like the use of transitional heights for the zoning, but personally I think it is flipped from what it should be. No Bonus Height eligibility for all parcels in subdistrict. Above grade parking will also be restricted (which is a win to me). Habitable garage liners will also be required, other districts strongly encourage them.

I think we should be taller at the river and shorter as you approach East Nashville. This approach to me shows more as turning its back on East Nashville. I get that the highway is there, but stepping down that height would blend the development towards East Nashville, which time and time again the planning meeting talked about blending towards rather then downtown.

I think it still needs some massaging, but I think this is headed in the right direction. Nothing is perfect within this sphere.

[Luvemtall]

When they say 30-40 stories, is there also a height limit? Point I’m making is I’ve seen 40 stories @ 400-450 feet and I’ve seen 40 stories @ 500-600 feet depending on floor plate height.

[MLBrumby]

I've wondered the same thing. Specifically, is the zoning restriction (desired) to be a lower (limited) number of floors or height?  I can imagine a city saying that any building taller than XX floors would be a danger to its occupants b/c of number of floors in case of fire/emergency/etc.  On the other hand, I am aware of FAA restrictions on building height. 

[Luvemtall]

This 40 story is 550 foot 

[nashville born]

19 hours ago, Bos2Nash said:

I think we should be taller at the river and shorter as you approach East Nashville. This approach to me shows more as turning its back on East Nashville. I get that the highway is there, but stepping down that height would blend the development towards East Nashville

Couldn't agree more.

I also think it makes more sense to be taller nearer the river to help configure East Bank as an extension of the existing downtown.  And then, as you said, step down in height moving toward the interstate to blend into East Nashville. 

Edited May 9 by nashville born

[Luvemtall]

I’m with you on this

5 minutes ago, nashville born said:

Couldn't agree more.

I also think it makes more sense be taller nearer the river to help configure East Bank as an extension of the existing downtown.  And then, as you said, step down in height moving toward the interstate to blend into East Nashville. 

Downtown shouldn’t stop just because there’s a river running through it, continuing the height closer to the core just makes sense. 

[Bos2Nash]

17 hours ago, Luvemtall said:

When they say 30-40 stories, is there also a height limit? Point I’m making is I’ve seen 40 stories @ 400-450 feet and I’ve seen 40 stories @ 500-600 feet depending on floor plate height.

The vast majority of the Downtown Code does not utilize a height measurement in feet. Stories is used for each subdistrict (mostly) and then the General Standards picks up the feet measurement.

Utilizing this standard, a 40 floor building on the East Bank could hypothetically top out at 741'. That being said, I would only expect an office building to get that tall due to the use of 18' floor to floor measurement. Residential I would expect closer to 445' to 520' range due to a  10' to 12' floor to floor measurement. This is also utilizing a 25' floor to floor for the first two floors and the top floor, something that very well may not happen. Another caveat to these heights would be rooftop mechanical which, by my understanding, does not count toward the story count (someone with more experience please correct me).

[CandyAisles]

In terms of floors and height:

Residential and Hotel - ~10'-0"

Office - 13-15'-0"

Lobby spaces/Ground Floor (general) - 20'-0"

Hospitals - ~15'-0"

Schools - ~12-0"

[Luvemtall]

sure would be a shame, if the hotel and first phase of the Fallon project isn’t up and ready for the opening of the stadium. I know some don’t believe it’s feasible or possible, but that space is basically a blank canvas right now and shouldn’t even interfere with whatever the plan becomes for the spine road(Blvd) 

[markhollin]

Summary piece at TheTennessean...

East Bank: Private developers line up for slice of new downtown Nashville neighborhood:

https://www.tennessean.com/story/money/2024/05/16/nashville-east-bank-expansion-investors-line-up/73217431007/

[smeagolsfree]

3 hours ago, markhollin said:

Summary piece at TheTennessean...

East Bank: Private developers line up for slice of new downtown Nashville neighborhood:

https://www.tennessean.com/story/money/2024/05/16/nashville-east-bank-expansion-investors-line-up/73217431007/

They are saying the Residence Inn is supposed to break ground later this year in the fall according to the article above.

This is the project they are referring to below.

 

Real Estate Notes: Images released for planned East Bank hotel | Development | nashvillepost.com

[markhollin]

Metro Chief Development Officer Bob Mendes revealed some insight into the back-and-forth between the city and Boston’s The Fallon Co. “There are economic terms in here where I've told Fallon point blank, 'If we end up using you guys on the next 30 or 40 acres, this deal is only getting better for us,'” Mendes said. “Right now, we should have a little more skin in the game in order to make sure that it actually starts.”

Metro has held back one of the land sites (Parcel B, seen below) which Fallon cannot develop until all the residential milestones are met. If those timelines are met, Fallon has the opportunity to develop an extra hotel on that parcel.

“Today, you can't finance an office building. You can't finance a new mixed-use or mixed income multifamily building in Nashville unless it's an affordable unit,” Mendes said. “The compromise came down to, we’ll loosen up on the timeline, but the timeline we're giving is the drop dead in that you don't get that Parcel B unless you hit the timeline. That was the balance we tried to hit to get them to meet the milestones we wanted, but also giving them the flexibility given current market conditions.”

Metro also had to make some sacrifices on the money side of the deal.

Fallon will pay Metro a baseline rent for each residential building it develops, based on a hypothetical calculation presented at Metro Council's East Bank committee meeting in March.

That initial lease payment will then increase by 2.5% each year.

If Fallon sells or refinances a finished building, Metro receives 0.75% to 1% of the proceeds from those events, which Metro refers to as “participation rent.”

“Some of the rent escalation things are less than I wanted, and I think that participation rent on the next deal would be better for Metro. I think some of the economic things can get better,” Mendes said.

But Mendes argues that Metro had to start somewhere.

“There's zero people living there. We don't have anything until people start living there. You have to, in this first 30 acres, really get human beings living in actual residence there. That’s where we're putting our energy.”

More at NBJ here:

https://www.bizjournals.com/nashville/news/2024/05/22/metro-east-bank-deal-negotiations-the-fallon-co.html