Oracle's Nashville headquarters will be mini-city
CEO Larry Ellison says Oracle's planned Tennessee campus will have restaurants, hotels and even a concert venue
Mortgage rates climb above 7% as housing market stutters
Heritage Foundation economist Peter St. Onge offers his analysis on the housing affordability crisis on 'The Bottom Line.’
Oracle's future headquarters in Nashville, Tennessee, could operate like a town of its own, given the planned amenities described by CEO and co-founder Larry Ellison.
When the chief executive let it slip earlier this week that Oracle is planning to move its "huge campus" to Tennessee's capital city, he said it will not look anything like a corporate campus.
Instead, it will be a park with buildings.
ORACLE'S LARRY ELLISON ANNOUNCES PLANS TO MOVE WORLD HEADQUARTERS TO NASHVILLE
Oracle Chief Technology Officer Larry Ellison delivers a keynote address during the 2019 Oracle OpenWorld in San Francisco on Sept. 16, 2019. (Justin Sullivan/Getty Images)
Ellison said the new site will have office buildings, a community clinic, restaurants, hotels and a concert venue, a floating stage on the lake for concerts to be held for the community.
According to The Tennessean, the campus will be built on a 70-acre parcel along Nashville's downtown riverfront that Oracle purchased in 2021 for $250 million.
The newspaper reported Oracle also plans to build a pedestrian bridge to connect both sides of the river. And company officials plan on having the offices on the compound up and operational by the end of the decade.
A sign is posted in front of Oracle offices on June 13, 2022, in Redwood Shores, California. Oracle moved its corporate headquarters from California to Austin, Texas, in 2020. (Justin Sullivan/Getty Images / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ORCL | ORACLE CORP. | 181.41 | -3.43 | -1.86% |
Oracle Corp.
Nashville Mayor Freddie O'Connell celebrated Oracle's move to his city on X, but not everyone expressed the same excitement. Nashville, like most of the U.S., is in the midst of a housing affordability crisis. So, the news of more high earners moving into the metropolitan area sparked concerns that more newcomers could drive home prices even higher.
VAST MAJORITY OF ASPIRING HOMEOWNERS SAY THEY CANNOT AFFORD THE AMERICAN DREAM
"As a native, my first thought is ‘more transplants to continue the utter destruction of the Nashville housing market,’" one apparent local wrote in response to the mayor's message. O'Connell replied, "As a fellow native, we’re working every day to try to improve the housing situation."
Nashville skyline. (iStock / iStock)
"Nashville is the city I chose over any other to raise my family," O'Connell said in a separate statement emailed to FOX Business on Wednesday regarding the Oracle move. "We are a complete city that also checks the box for business."
GET FOX BUSINESS ON THE GO BY CLICKING HERE
"Our health care industry, which has long been a shining star for Nashville, represents $68 billion in local economic impact and employs 333,000 regionally, according to the latest numbers from the Nashville Health Care Council," the statement continued. "As mayor, I want you to know: Nashville is a great place to live and a great place to do business."
FOX Business' Greg Wehner contributed to this report.