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The Metro Council has unanimously approved a Master Developer Agreement between Metro Nashville Government and The Fallon Company to develop 30 acres of Metro-owned land on the East Bank. The agreement allows Metro and Fallon to bring to life the Imagine East Bank Vision Plan, which was developed after two years of community engagement to create a vibrant, mixed-income, multimodal community adjacent to downtown Nashville.
Mayor Freddie O’Connell said the agreement will help deliver a neighborhood for all Nashvillians, with commitments to affordable housing, childcare, and complete streets. Fallon, a national real estate development firm, was selected through a competitive procurement process and their commitment to the community’s vision and prioritizing affordable housing was a key factor.
The agreement prioritizes safe multimodal connections with wide sidewalks, protected bike paths, and Nashville’s first dedicated transit lanes. It also requires Fallon to build over 1,500 housing units, with nearly half being affordable and the affordability requirements remaining in place for the entire 99-year ground lease duration.
Significant infrastructure investments, estimated at $147 million, will be needed to develop the walkable, bikeable, and transit-friendly neighborhood. Fallon will cover 49% of the infrastructure costs, the Tennessee Performing Arts Center (TPAC) will cover 46% for their new performance hall, and Metro will cover the remaining 5%.
To learn more about the East Bank Development, visit nashville.gov/eastbank.
Source: Read Original Release
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