NASHVILLE, Tenn. (WTVF) — Legislation has been filed by the city in relation to the development of the East Bank land. This includes details of the proposed neighborhoods and the location of a new performing arts center.
The two pieces of legislation are:
- Ordinance authorizing Metro and The Fallon Company to develop the first 30 acres of Metro-owned East Bank land.
- Resolution approving a non-binding memorandum of understanding (TPAC MOU) related to the location of a new Tennessee Performing Arts Center to Metro-owned land on the East Bank.
The first piece would allow the city and The Fallon Company to delivery 1,550 housing units with a "mix of affordability requirements"
This Development Agreement includes a number of milestones related to residential affordability and requires this to remain in place for the 99-year duration of the leases.
The agreement, as well as the memorandum of understanding also outline the extension of the Seigenthaler Pedestrian Bridge for pedestrians and bicyclists, construction of the East Bank Boulevard and the Cumberland Walk by TPAC and Fallon.
The second piece of legislation is a resolution to approve the Memorandum of Understanding (MOU) between Metro and TPAC. This would bring a new performing arts center to the East Bank.
“We are so lucky to have a thriving arts culture in Nashville,” Mayor O’Connell said. “A new performing arts center that offers a variety of entertainment and educational opportunities is exactly the type of development all Nashvillians can get excited about."
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