The Metro Council gave the green light for a major development project in Nashville, unanimously approving a Master Developer Agreement between the city and The Fallon Company. Poised to revitalize 30 acres on the East Bank, the plan follows two years of extensive community engagement and aims to establish a mixed-income, multimodal neighborhood. Mayor Freddie O'Connell, as Nashville's top official, hailed the collaborative effort saying in a statement obtained by the Nashville government website, "Nashvillians told us they wanted great neighborhoods on the city’s East Bank. 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."
According to the agreement, which Metro Nashville Government shared detail on, The Fallon Company, after being selected through a highly competitive process, is set to spearhead the transformation. The firm's CEO, Michael Fallon, indicated an appreciation for the public's input throughout. "Our team appreciates the many Nashvillians who shared their perspectives and feedback throughout the comprehensive community engagement process," he said. "We look forward to continuing our partnership with Metro and all project stakeholders, working together as we create this dynamic neighborhood."
The development is not just about erecting buildings but revolves around creating a space that nurtures connectivity. The approved deal lays new groundwork intending inhabitants to navigate their community and the wider city with ease. This would include the establishment of wide sidewalks and protected bike paths, culminating in Nashville's first-ever dedicated transit lanes. "I am excited that the East Bank can serve as a model for how we invest in our neighborhoods all across our city," Mayor O’Connell added, foreseeability making travel choices broader for residents.
Another crucial aspect of the project is its approach to housing. Fallon committed to building over 1,500 housing units, about half of which will be at affordable rates, including some deeply affordable options. The East Bank's affordable housing initiatives will be secured for a long 99-year duration under the ground leases, according to the details shared by the government agency of Nashville. In unity with the city's culture, the Metro Council's agreed-upon plans also include a partnership with the Tennessee Performing Arts Center (TPAC) to construct a new performance hall within the development area.
Infrastructure will also see a significant boost, with around $147 million earmarked for essential projects within the Initial Development Area. The work will include adapting the John Seigenthaler Pedestrian Bridge and overhauling the local street network to enhance overall connectivity. "For the last six months Metro’s negotiating team has worked hard to ensure we a bringing the community’s vision for the East Bank to life," Metro Nashville’s Chief Development Officer Bob Mendes professed, looking forward to the beneficial partnership with Fallon to achieve these goals.
