The Tennessee Titans and Nashville Mayor John Cooper have reached a deal to build a new stadium. The $1.7 million square foot stadium will have a dome, making it possible to host a Super Bowl and other major events year around.
It will be located east of the current Nissan Stadium along the East Bank. The project is said to cost up to $2.2 billion and must still be approved by the Metro Council. Titans ownership has reportedly agreed to put up $800 million to help fund the project.
Below is a letter from Titans CEO Burke Nihill to Titans fans:
I am writing to you today to share some exciting news. Earlier today, we reached agreement with Nashville Mayor John Cooper on a long-term lease for a new stadium to be built in the parking lots east of the existing stadium. We could not have made it to this point without your unparalleled loyalty and support and are incredibly grateful for each of you.
The new lease not only eliminates a significant financial obligation on Nashville taxpayers under the existing stadium’s lease, but ushers in the next era of our organization with an incredible facility that will give Titans fans the world-class fan experience you deserve.
To be clear, there are additional steps and approvals required before a new stadium becomes a reality. The stadium plan must be reviewed and approved by Metro Nashville’s Sports Authority and City Council, and that process will begin in the coming weeks. In the meantime, we will continue to solicit feedback from the community and our fans about the project.
Nashville’s new stadium will be a game changer for our community. Using fan and community input, we are designing a stadium inspired by the character and spirit of Tennessee. In addition to Titans games, concerts and other events, the new stadium will be able to host the world’s greatest events, such as Super Bowls, College Football Playoffs, Finals Fours, and WrestleManias. The stadium will enhance the national and international reputation of our great city and state and generate billions in economic activity for local businesses and state and local government budgets. More importantly, we are committed to designing a facility with dedicated spaces to serve our neighbors throughout Nashville and Tennessee with regular community programming such as nonprofit fundraisers, high school athletics, and job fairs.
Stadium construction will be funded through a public-private partnership with contributions from the Titans, NFL, State of Tennessee, and Metro Nashville. Metro’s contribution will be funded by a 1% hotel tax paid primarily by tourists and sales and use taxes collected at the stadium and surrounding land. Like nearly all stadium projects of this scale over the past several decades, PSLs will also be a part of the new stadium project.
We’ve created a webpage at TennesseeTitans.com/NewStadium with additional information. The website also allows for you to send feedback on what you’d like to see in a new stadium. As this process continues, we will share updates regularly, and look forward to seeing you at upcoming games and events.
This agreement will cement the Titans’ future in Tennessee for another generation, and we can’t wait to create new memories with you.