The Fallon Company, headquartered in Boston, Massachusetts, has been selected as the master developer for the East Bank Central Waterfront Initial Development Area, a parcel of Metro-owned land encompassing approximately 30 acres surrounding a state-of-the-art $2.1 billion domed NFL stadium, as announced by Metro planning officials on Tuesday.
Fallon Co. will now engage in formal contract negotiations with Metro officials to kickstart the East Bank Central Waterfront Development.
This land is highly sought after, as it’s situated adjacent to the future stadium for the Tennessee Titans NFL franchise. It plays a central role in Metro’s vision for a revitalized East Bank, positioned opposite downtown Nashville.
Metro plans to lease this land to Fallon under a long-term arrangement to maintain city influence over the East Bank Central Waterfront Development. This emphasis on high-end development is essential to generate tax revenue, which will help repay a portion of the $760 million borrowed by Metro to support stadium construction. Affordable housing, mass transit, public parks, and cultural spaces have also been highlighted by outgoing Mayor John Cooper and mayoral candidates as important components of the East Bank Central Waterfront Development’s revitalization.
East Bank developer evaluation process
In an evaluation process that spanned several months and involved three key criteria, Fallon scored 394 out of 500 possible points, according to Metro’s score sheet distributed to bidders. This assessment considered the development team’s experience, financial resources, diversity plans, and approach to this specific development. Out of eight bidding teams, five were invited for live interviews with a Metro-created panel, and four progressed to the final evaluation round.
The inaugural East Bank Central Waterfront development projects comprise a 40-story hotel, boasting an impressive 450 rooms, thoughtfully combined with vibrant retail spaces. Alongside, a 16-story hotel offers 325 rooms and seamlessly integrates retail elements to enhance its appeal. The urban landscape further unfolds with a contemporary residential complex, housing a diverse array of 550 apartments to cater to varied lifestyles. Notably, this development includes 25 affordable housing units. Additionally, a building dedicated solely to affordable housing offering 175 apartments will be built, symbolizing city’s dedication to creating a more equitable and accessible urban environment for all residents.
The Fallon Company, known for projects like Fan Pier in Boston, will collaborate with James Corner Field Operations, a New York-based landscape architect, and KPF, another design firm. Local companies such as Holladay Ventures, Pillars Development, EOA Architects, and Barge Design Solutions are also part of the team. The master developer for East Bank Central Waterfront Development will determine the placement of the required 2,000 stadium parking spaces, public areas, and new businesses according to the Request for Qualifications.