Oracle America closes on Nashville riverfront site

Oracle America has paid nearly $254 million for slightly more than 60 acres of Nashville riverfront property, finalizing a deal that will expand downtown and transform East Nashville.

Closure for the long-awaited deal comes after years of negotiations with state and local leaders. State Department of Economic and Community Development officials declined to comment on the agreement, and a request to Gov. Bill Lee's office was not immediately returned. 

The tech titan plans to invest a total of $1.2 billion in a second U.S. headquarters after leaving its Silicon Valley birthplace for Austin last year.

Oracle bought 13 parcels of industrial and vacant land on the east bank of the Cumberland River on Tuesday. Davidson County Register of Deeds officials received the paperwork Wednesday.

River North

The project makes up nearly half of a massive 125-acre redevelopment of the river's east side called River North. 

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Construction is already taking place on 40 neighboring acres of former industrial parks being remade into upscale apartments, offices and shops behind Topgolf in East Nashville. 

Chicago-based Monroe Investment Partners began buying the waterfront land to create River North more than 20 years ago. 

Oracle's campus will replace Ready Mix concrete, trucking service stations and other industrial tenants. Construction will begin with environmental remediation of contaminated soil. 

Design plans includes waterways, parks and walking paths throughout the campus. 

Nashville Mayor John Cooper announced the Oracle deal in April. But state leaders were still finalizing an incentive package to the company for creating 8,500 jobs and millions in new tax revenue yearly. 

The state's agreement is expected to be announced soon. 

Oracle committed to paying $175 million for Metro infrastructure upgrades and a pedestrian bridge over the river in exchange for a temporary property tax break. 

Metro Council agreed to the proposal in early May. 

Downtown redevelopment, expansion

Perkins Eastman architectural firm was hired weeks later to oversee a comprehensive redevelopment plan including River North, nearby Nissan Stadium, and more than 100 acres of new neighborhood development. 

Now, Metro planning officials are holding public meetings with the firm to collect community input on new roadways, parks, traffic infrastructure, bridges and waterfront attractions such as marinas that could be built. 

The Tennessee Titans are also working with Metro officials on major Nissan Stadium renovations that will include surrounding neighborhood developments with new entertainment destinations. 

All of the work is being done in collaboration with the rebuilding of 2nd Avenue buildings downtown torn apart in the Christmas Day bomb attack. 

Design plans will be presented to Metro Council later this year. 

Sandy Mazza can be reached via email at smazza@tennessean.com, by calling 615-726-5962, or on Twitter @SandyMazza.