The Tennessee Titans (NFL) are moving forward with plans to spend $600 million on Nissan Stadium upgrades, while the city pursues the creation of an entertainment district along the Cumberland River.
The creation of an entertainment district and Nissan Stadium upgrades have been in the works for years; the original plan was to spend $400 million on a development based on Wrigleyville, the Battery and other popular mixed-use districts. That effort was advanced in April when the Tennessee General Assembly approved $10 million in annual tax breaks putting sales-tax revenues from a new entertainment district and multiuse development back toward Nissan Stadium upgrades.
So with the groundwork laid, the team, city officials and developers are releasing more details regarding stadium upgrades and more. Nissan Stadium is 23 years ago, and what was expected from an NFL stadium back then is much different than what cities and teams today. A part of what the city and Titans have planned is addressing deferred maintenance—the kind of unglamourous stuff most fans won’t see. Past that, a stadium refresh these days matches what the Titans have planned: technology upgrades (faster and more robust wireless both on the fan side and the concessions/staff sides), upgraded social spaces, new lounges and concessions options, and reconfigurations to allow the team to stage more events big and small.
Of the $600-million budget, $300 million will come from the team and $300 from bonds floated by Metro Sports Authority, per the sales-tax revenues part of the aforementioned April legislation.
With the stadium spending comes with the assumption that developers will flock to the Cumberland River stadium area with money in hand. Per the Tennessean:
Mayor John Cooper is seeking to seize on the moment with an elaborate private-public development strategy to guide billions of dollars to fill out hundreds of acres of underutilized industrial riverfront on the downtown banks of the Cumberland River.
“There’s a whole lot of (investors with) capital that would like to come to Nashville and be part of the next great chapter of our city,” Cooper said. “It’s quite something to be an international icon of investment.”…
Developer RMR Group is seeking rezoning permissions to redevelop the former truck servicing yard. They hope to build a “dynamic mixed-use neighborhood,” company officials said.
The stadium renovations would take place over the next three NFL offseasons.
Photo courtesy Tennessee Titans.
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