Five years ago, Oracle Corp. announced plans to buy land along the Cumberland River to build a corporate headquarters. The Nashville Business Journal reports the company recently filed permits to raze 515,000 square feet of industrial buildings, giving itself a blank slate to work on. The site covers 80 acres, and the project is expected to cost $4.5 billion. Oracle hopes to have 8,500 workers in Nashville by 2031. The company’s headquarters will remain in Austin until the Nashville buildings are completed.

Foster + Partners is leading the East Bank project design. Until then the company will maintain its Nashville workforce of 900 at an office at in the Capital View downtown development

Oracle has to fund up to $175 million of public infrastructure as part of an incentive deal. Oracle would recoup most or all of that spending over 25 years, by getting an annual 50% property tax reduction.