A real estate developer from Boston beat three finalists to win the right to build on Metro-owned land surrounding a $2.1 billion domed stadium on the East Bank.
Metro selected The Fallon Co. as the winner of the development bid, according to an official notification sent to bidders on Tuesday morning. Fallon was one of four finalists, as first reported by the Business Journal.
Fallon Co. now will enter formal contract negotiations with Metro officials.
The land is coveted: Metro sought a developer to build on about 30 acres adjacent to the forthcoming stadium for the Tennessee Titans NFL franchise. The property is a central element of Metro’s vision for a revitalized East Bank, opposite downtown.
Metro plans to lease that land to Fallon under a long-term arrangement intended to allow the city to influence what is built on the property. High-end development will be vital to generating the tax revenue needed to repay some of the $760 million Metro borrowed to help fund stadium construction. Outgoing Mayor John Cooper, as well as both finalists in Nashville’s mayoral race, also have touted the need for affordable housing, mass transit, public parks and other cultural spaces to be included in a revamped East Bank.
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