The Nashville government has pledged almost $14 million for infrastructure for the first phase of development of a project in River North.
River North is a section of East Nashville’s East Bank that Metro Nashville is trying to redevelop, according to the city’s Planning Department website.
This area is commonly referred to as “River North.” For years, this area has been home to light industrial and warehousing businesses and it also experienced severe flooding during the flood of 2010. As downtown redevelops, developers are looking to the East Bank, including the northern portion in East Nashville, for redevelopment opportunities. This area is envisioned to redevelop to greater intensity, with taller buildings, capitalizing upon its river location and proximity to downtown.
River North is conceptualized as a vibrant, mixed-use, active neighborhood . The activation of the Cumberland River and publicly accessible greenspace are both important aspects of the neighborhood’s development.
The funding approved Tuesday by Metro Council will go to Monroe Investment Partners to build roads and associated infrastructure for a mixed-use project north of Jefferson Street, The Nashville Post reported.
Monroe is planning a $265 million development called The Landings and has been working on it for 20 years, the Nashville Business Journal reported. Inside that area, two other companies want to build 650 apartments, 83,000 square feet of office space and 85,000 square feet of retail and restaurants. They are using the site’s location in an Opportunity Zone to provide federal tax breaks to investors. The developer must start the infrastructure work within 90 days of Metro approving all permits.
Oracle is reportedly considering placing an office center in River North, the Business Journal reported.
The Landings will include nearly a mile of riverfront greenway, riverfront plaza space, a marina, open-air market and more, according to the website of Hastings Architecture Associates and Civil Site Design Group, which is working on the project.
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Jason M. Reynolds has more than 20 years’ experience as a journalist at outlets of all sizes.
I thought Nashville was broke and almost bankrupt? Where did they find $14Million??