Nashville has long been known as a hub for the music business, but the booming city may soon be singing a different tune. The Oracle Corporation, the second largest tech company in the world, wants to bring 8,500 jobs and a $1.2 billion investment to the “Music City,” as the company plans to rock Tennessee’s job market, the city announced.
The plan, announced Wednesday by Nashville Mayor John Cooper, requires approval from the Metro Industrial Development Board and Metro Council, but would bring thousands of new jobs to Nashville, with an average salary of $110,000.
It would be the largest developmental deal in Tennessee history, according to the Tennessean.
“We are thrilled that Oracle is ready to make a billion-dollar bet on Nashville,” Cooper said in a statement. “Oracle will bring a record number of high-paying jobs to Nashville and they will pay upfront all the city’s infrastructure costs. This is a huge win for our city. In an unprecedented deal structure for Nashville, no new debt is being issued and there is no burden on our taxpayers.
“Oracle’s presence will transform the East Bank, and I’m equally excited about the ways Oracle can transform education and career pipelines in Nashville.”
Oracle’s potential move would pump $175 million into public infrastructure that won’t increase Metro debt or burden taxpayers, the mayor’s office said. In addition, the public infrastructure will create a new pedestrian bridge over the Cumberland River, while aiding in brownfield remediation, and creating a sewer pump station and a riverfront park.
The timeline for hiring
Pending commitment, Oracle would employ 2,500 workers by 2027 and increase the number to 8,500 workers by the end of 2031, according to the Nashville Business Journal.
Oracle announced in December that it is moving its corporate headquarters from Silicon Valley to Austin shortly after Tesla pledged to build a $1.1 billion manufacturing plant in the Central Texas city.
In 2018, the company opened a five-story, 560,000-square-feet campus in Austin. Oracle co-founder Larry Ellison said at the time he expected the Austin campus to grow to 10,000 employees. Currently, the company employs around 2,500, according to the Austin American-Statesman.
“To meet demand for Oracle Cloud, we plan to continue to expand our business by building new digital hubs in cities with well-educated workforces and vibrant cultures that draw top-tier talent,” Oracle spokesman Greg Lunsford told the Nashville Business Journal on Wednesday. “Our state-of-the-art headquarters campus in Austin is a blueprint for what we envision in Nashville. We think Nashville has tremendous potential to be Oracle’s next success, and we look forward to working with city and state officials as the process moves forward.”
Nashville’s East Bank sits next to the Cumberland River, which separates the city’s historic downtown area and Nissan Stadium, the home of the Tennessee Titans.
Oracle pledges to potentially create a new 60-acre office hub that would sit on a 120-acre parcel known as River North.
The proposed $1.2 billion campus would be roughly twice the size of the Music City Center, a sprawling $623 million convention complex that opened in Nashville’s downtown in 2013 and trumps Amazon’s investment in Nashville Yards.
“It may begin in the first few years at about 2,500 employees, grow to potentially grow to over 8,000 employees and that these are really good paying jobs,” Metro Industrial Development Board Chair Ginger Hausser told WKRN. “For me that is really important when we are looking at investments and who we are bringing, that we are bringing family supporting wages.”