Nashville & Tennessee Titans Announce Plans For New Stadium
On Monday, Nashville mayor John Cooper and representatives revealed the plans for a new $2.2 billion stadium to house the Titans. Nissan Stadium is 23 years old and is in need of significant repairs, upgrades and maintanance that will cost close to $1.8 million. So all parties agree a new stadium that could possibly bring a Super Bowl to Tennessee would be the best avenue.
The new stadium would be located just east of the current stadium. Plans call for an enclosed stadium which would be paid for through a mix of private contributions and state and local revenue bonds, with $840 million coming from the Titans, personal seat license sales and the National Football League. The state has already agreed to kick in $500 million. The remaining $760 million would be funded by Metro Sports Authority revenue bonds backed by a new 1% countywide hotel occupancy tax, in-stadium sales taxes and half of the state and local sales tax revenues from a 130-acre industrial area surrounding the stadium that would be developed. The cost to demolish Nissan Stadium is included in the deal.
The plan will require approval from Nashville’s 40-member Metro Council. They are expected to consider it in November. A new stadium could break ground as early as fall 2023 and be complete as early as the 2026 NFL season. Plans include a 1.7 million-square-foot stadium with a turf playing surface and capacity for up to 60,000 people. The stadium enclosure will likely feature a translucent, stationary roof, which could allow Nashville to host major events like the Super Bowl, the NCAA Final Four and more.