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Yahoo
a day ago
- Business
- Yahoo
What's the future for Nashville PSC Metals scrapyard? What investors are saying
The days of piled scrap metal lining the banks of the Cumberland River in downtown Nashville may soon be over. After decades of derision by local leaders, the metal recycling "eyesore" on Nashville's East Bank has its first tangible redevelopment momentum. A group of local real estate investors on Aug. 14 finalized a deal to purchase the massive piece of industrial land, which is just steps away from other high profile downtown real estate developments. David Byerley and his business partner Sam Lingo led the effort to buy the property for $245 million. Byerley said the redevelopment plans for the 47-acre parcel will not be finalized anytime soon. But he gave key insights into the investment team's strategy in an exclusive interview with The Tennessean. "I would say it's an obvious mixed-use site," he said. "We're just looking forward to working with all the stakeholders to do something beautiful for the city. We just see a blank canvas. At the end of the day, it's what's left to be developed, and I think it's going to be something that nobody's really dreamed of before." Various potential uses for the land have been floated over the years, including a mixed-use district with apartments, office buildings, hotels and other businesses. Some Nashvillians have even imagined a Major League Baseball stadium on the riverfront land. But Byerley said his team of more than 50 Tennessee-based investors wants to enable a development that is focued on the locals of Nashville. "This should be done by Nashville, for Nashville," he said. "Basically, we love our visitors, but we need more focus on living downtown as well, especially for families. And so, with that in mind, if that's who we believe our audience is, then it should be Nashville families that make this happen after all these decades. I will say that the absolute majority of our investors are locals." Nashville's East Bank overhaul The former PSC Metals site, now operated as SA Recycling, has been industrial land for almost a century. More steps are needed for it to be transformed in the way Byerley described. The land is adjacent to Metro-owned property slated for development by The Fallon Company, the master-developer of publicly owned East Bank land. Other significant developments in the vicinity include the new Nissan Stadium and the future Oracle Corp. headquarters. All of this momentum impacts the future of the metal scrapyard. "You know, if you just go on Google Earth and look down at Nashville's downtown core, it's just visually obvious where development needs to occur the most," Byerley said. The recycling business will need to be moved off the land, which may need some level of environmental remediation before it can be converted to other uses. A rezoning will be needed, which will bring city leaders at the Planning Commission and Metro Council into the conversation. And with such a massive piece of land, a multi-phased development process is likely to span years, if not decades. 'With the land now acquired, our work will be steadfast and meticulous to deliver a generational vision for all stakeholders," real estate investor Sam Lingo said in a news release. "We look forward to sharing more with Nashville as we work with our partners to establish a vibrant district on the East Bank that we all can be proud of.' The comments from Byerley and Lingo are in line with Metro's vision for the East Bank, which encompasses more than 500 acres. City leaders are hoping for a cluster of walkable neighborhoods to be built throughout the area with amenities like a transit center, childcare, affordable housing, bike lanes, greenways and parks. That's in contrast to the bustling downtown entertainment district just across the river. "We have ideas, and it all really centers around family, Byerley said. "I love our entire city, I really do. I love our unique areas and visit all of them frequently. But this is going to be a really special place. It's going to be a beautiful thing and we're just glad to be a part of it." Molly Davis covers growth and development in Nashville. You can email her with comments, questions and tips at mmdavis@ This article originally appeared on Nashville Tennessean: PSC Metals scrapyard redevelopment: What's next for downtown Nashville
Axios
2 days ago
- Business
- Axios
East Bank scrapyard sells for $245 million
The old East Bank scrapyard site sold Thursday to an investment group spearheaded by local businesspeople David Byerley and Sam Lingo. Why it matters: Politicians and business leaders dreamed for years about redeveloping the site, located across the Cumberland River from downtown. With its prime location along the riverfront and south of the new stadium property and John Seigenthaler Pedestrian Bridge, the site made little sense for a scrapyard business as the city developed. The intrigue: The main obstacle to redevelopment was that the business was profitable, making relocation expensive. By the numbers: The property, owned by mogul Carl Icahn, sold for $245 million. The big picture: The East Bank is in the midst of a dramatic revitalization, including a new Titans stadium, the surrounding mixed-use development by the Fallon Co., and the Oracle-led River North project. What's next: The new owners did not unveil a detailed vision for the property.
