Oracle acquired a River North property from GBT Realty Corp. for $60 million. In June 2021, Oracle paid $253.7 million for more than 65 acres of East Bank land for its future campus on the Cumberland River.

Construction of its planned $1.35 billion riverfront office campus has yet to begin, and no start date has been given. Oracle plans to have 8,500 workers in Nashville by the end of 2031.

The Nashville Business Journal reports Oracle’s tech campus is the single-largest economic development deal in city and state history. Oracle Chairman Larry Ellison tagged the campus as the company’s future world headquarters and revealed that he’s hired architect Norman Foster to design it on 70 acres on the East Bank.

Since 1987, GBT has been involved with the development, construction, leasing, management and acquisition of over 40 million square feet of commercial development, including grocery-anchored shopping centers, neighborhood centers, single-tenant buildings, regional power centers and mixed-use developments, representing over $8 billion in real estate. 

Larry Ellison, the company’s CEO, said the move of its headquarters was made to be closer to healthcare facilities. Oracle is heavily invested in a Nashville healthcare company, Cerner Corp., buying it for $28 billion in December 2021. It’s unclear how much of a presence the company will still have in Austin, the home of its current headquarters.

Ellison said the $1.3 billion Nashville site will have office buildings, a community clinic, restaurants, hotels, a concert venue, and a floating stage on the lake for community concerts.

The campus will be built on a 70-acre parcel along Nashville’s downtown riverfront that Oracle purchased in 2021 for $250 million. In 2021, Metro Council members voted to approve the plan for a 65-acre campus in East Nashville. The software giant’s move to Nashville is expected to create 8,500 jobs over the next decade. Company officials have said the offices will be open and operating by 2031.