Digging deeper into the deal that will transform the East Bank

NASHVILLE, Tenn. (WTVF) — It's hard to keep up with all the changes in Nashville. It seems a new crane is added to the skyline each day. That's exactly why I wanted to dig deeper into a project that will begin to transform the East Bank over the next 10 to 15 years.

When I sat down exclusively with the project's developers and the city's chief development officer, two words were repeated over and over: neighborhood and affordable.

With the ink dry on a deal to develop 30 acres — surrounding the new Titans stadium and Tennessee Performing Arts Center — Boston-based developer The Fallon Company moves into the design and construction prep phase. Work will start on the east side of the development and move towards the river — Parcel G (to the right of the new stadium as shown above) will see the first buildings take shape.

"We'd like to see a hotel building, then the first residential building which is an all-affordable building starting in early 2026," said Brian Awe, President of The Fallon Company.

Affordability is a key component of the deal struck between the city and Fallon. Of the 1,550 residential units promised site-wide, 695 will be considered "affordable." At the top end — a family of four making no more than $80,000 a year— would be able to call this area home.

"There will be a range of 'affordable' — from very very deeply affordable subsidized units on up to what we call 'workdforce housing,'" said Bob Mendes, Chief Development Officer for Metro Government. "Fallon has committed to keeping these units to these affordability levels for 99 years, which is four times longer than the city has accomplished before."

A daycare with priority for those living in the first residential building is also part of the deal.

From affordability to our city's next big challenge: transportation. An East Bank transit center will take shape in Parcel A, and the entire development will include wider sidewalks, protected bike lanes and the city's first dedicated transit lanes.

It is a new kind of neighborhood for a city on the rise — one that CEO Mike Fallon believes his company can deliver.

"Our company makes big bold bets on large mixed-use deals," Fallon told me. "This one will have to showcase a great partnership, a great product and folks who really enjoy being here."

And one where the city will reap its own rewards. Of the nearly $150 million in infrastructure improvements needed, the city will pay for less than $10 million of that while continuing to own the land and receive rent from The Fallon Company.

"This is an unusual government deal in that there is going to be more money coming to us than we are spending out," said Mendes.

Take a look at plans for the other parcels and the preliminary construction timeline here.

Do you have questions about the future of the East Bank? Email me at carrie.sharp@newschannel5.com.