Oracle's River North project advances as tech giant files rezoning request
The tech giant Oracle requested to change the zoning for land on the East Bank of the Cumberland River last week, giving a clear indication its multibillion-dollar project is advancing.
Why it matters: Oracle unveiled its original plan five years ago, but the project hasn't broken ground yet.
The scope of the mixed-use development and the corporate investment from the firm has expanded since then.
State of play: Oracle filed a document seeking to rezone nine acres in the River North development.
The request is consistent with the River North's community plan, according to the document.
"The property owner is working closely with Metro Planning and Metro Water Services to meet development requirements within the FEMA-designated 100-year floodplain," according to the planning document.
The latest: The Oracle project figures to be a top priority for Mayor Freddie O'Connell after Tuesday's Metro Council vote on his operating budget.
Coordination between Oracle and Metro officials has cranked up in recent weeks, sources close to the project say. Metro has created a central team to deal with Oracle as the project advances.
Oracle has been expanding its East Bank footprint with additional land acquisitions. According to the Nashville Business Journal, Oracle owns 70 acres and has spent a collective $379 million on real estate.
Metro's chief development officer Bob Mendes is coordinating with the East Bank Development Authority on the project.
Flashback: Metro Council approved a $175 million economic development deal for Oracle in 2021. At the time, the project was estimated to bring $1.2 billion in capital investment and create 8,500 tech jobs.
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