As Oracle finalizes designs for an East Bank campus, the database management company has chosen a downtown office building in the interim.
Oracle signed a lease this month at the former Lifeway Christian Resources headquarters in downtown’s Capitol View mixed-use development, as first reported by the Nashville Business Journal.
Filed records show the tech company has leased more than 31,000 square feet at 601 11th Ave. N.
Oracle has promised to create 8,500 high-paid jobs and deliver millions of dollars a year in taxes.
Nashville alone expects to rake in $18 million more a year once the tech giant’s campus is up and running.
RELATED: Nashville’s next chapter is being written on the banks of the Cumberland
MORE: Nashville’s planned ‘inclusive, equitable’ economic development strategy will bring more fees
The company is almost certain to attract more successful companies to Nashville and exponentially boost the city’s tech scene.
While Oracle coming to town will translate to higher property values and more job opportunities for residents, it’ll also bump the already growing cost of living in Nashville.
Oracle paid $245 million for 60 acres directly across from downtown last June. Once developed, it’ll be the company’s second U.S. headquarters, matching its Austin offices, after leaving California.
In April the company announced it would spend $1.4 billion on the East Bank campus.
Oracle committed to paying for a pedestrian bridge to link with the west bank in Germantown, among other infrastructure upgrades for the city, in exchange for a property tax discount.
The company received a $65 million economic grant from the state to help Oracle with its move to Nashville. The State Funding Board unanimously cleared the way for the funds to be released from the FastTrack Economic Development Fund.
The grant is “only used in exceptional cases where the impact of the company on a given community is significant,” according to a state economic development statement.
The former Lifeway Christian building was purchased last year for $95 million by two investment firms, Rubicon Equities, based in Nashville, and Meritage Group LP, based in San Francisco.
Sandy Mazza contributed to this report.
Arcelia Martin covers growth and development for the Tennessean, a part of The USA TODAY Network. Reach Arcelia at [email protected]. Follow her on Twitter @arcelitamartin.
This article originally appeared on Nashville Tennessean: Oracle leases downtown Nashville office as East Bank campus built
