Industrial Development Board approves Rivergate Mall TIF plan, sends deal to Metro Council

NASHVILLE — The Industrial Development Board voted May 14 to approve the economic impact plan and development agreement for the Rivergate Mall redevelopment, advancing a 56.49‑acre plan that would convert the failing mall into a mixed‑use neighborhood.

The resolution authorizes a tax‑increment financing (TIF) package capped at $42,000,000 in aggregate increment over 25 years; Metro staff said that amount is worth about $22,500,000 in present‑value borrowing capacity for the developer. The board voted to approve the plan, and the matter now moves to the Metropolitan Council for final approval. The chair of the board abstained from the vote.

Why it matters: Rivergate Mall has fallen to below 29% occupancy after anchor departures; the developer and Metro say the site requires major demolition, utility rework and new roads before private development can proceed. Supporters say the redevelopment would return property and sales tax revenue to the area, create jobs and add transit connections, while critics and some board members pressed for clarity on affordable housing, deadlines and how the project will be funded if neighboring Goodlettsville does not join the TIF effort.

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