Downtown Nashville Metal Scrapyard Sells to Investor Group

A rezoning would be required for the land to be redeveloped into residential, commercial, office and entertainment uses.

SEATTLE (Scrap Monster): The highly anticipated sale of the 47-acre recycling center site on downtown Nashville's riverfront has been finalized for $245 million, according to a deed filing.

It is the most expensive property deal in Davidson County this year, according to the Register of Deeds, and it opens the door for a massive mixed-use real estate development on the East Bank.

'This site has been locked up for so long, and it's just time,' said David Byerley, the lead real estate investor on the deal.

Known locally as the PSC Metals property — a reference to the former owner, the 45-acre parcel on the banks of the Cumberland River is currently occupied by SA Recycling. The land fetched the high price after months of speculation about the sale. Seller Icahn Enterprises had originally planned a land auction last year, but that never came to fruition.

City leaders for almost three decades have tried to broker a deal to move the recycling center outside of downtown Nashville to no avail. Now, the transaction represents the clearest opportunity for redevelopment of the industrial site thus far. It comes alongside the ongoing construction of the new Nissan Stadium and building momentum at the nearby future headquarters of Oracle Corp.

'We're fortunate to have Imagine East Bank as a vision that includes multiple sites, and we're guided by its principles,' said Nashville Mayor Freddie O'Connell in a statement. 'This is privately owned land, and we expect it to be privately developed. We look forward to engaging with the vision of the new owners.'

A group of real estate investors led by Byerley and Sam Lingo joined together to purchase the land at 710 S. 1st St. Byerley led the land acquisition of Nashville Yards and Lingo used to lead the Nashville Entrepreneur Center.

While the massive swath of land has historically been used for metal recycling, it is unlikely to continue to be industrial given the ongoing revitalization efforts across the East Bank area of Nashville. A rezoning would be required for the land to be redeveloped into residential, commercial, office and entertainment uses.

Courtesy: www.tennessean.com