The East Bank site of PSC Metals will be offered for sale via auction, the Nashville Business Journal reports.
Icahn Enterprises LP, led by billionaire businessman and investor Carl Icahn, owns the 45-acre property and has enlisted the local office of Dallas-based CBRE to oversee the effort. Byran Fort, CBRE senior vice president, tells NBJ the auction date is set for mid-November. Fort will handle the process with colleagues Frank Thomasson and Ryan Coulter.
NBJ reports that Fort says the auction will include a reserve. As such, if bids are insufficient regarding an undisclosed minimum price, the property may not be sold.
Icahn sold PSC Metals LLC to SA Recycling in 2021, retaining ownership of the property on which the scrapyard operates and leasing the space to SA Recycling.
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NBJ reports that Icahn Enterprises has received offers from prospective development companies during the past six months. Would-be buyers likely have been motivated to explore the site, as full-scale work is now underway on Nashville’s future enclosed NFL Stadium, slated for a 2027 construction completion.
Similarly, SA Recycling in August moved some of its work to a recently acquired West Nashville property.
Scene sister publication the Nashville Post reached out to Mayor Freddie O'Connell's office to ask if Metro has any interest in the property.
"The mayor, like many Nashvillians, has long imagined riverfront uses at this site other than scrap metal processing, but we're very focused on the existing opportunities for redevelopment on the East Bank," says communications director Julie Smith. "We have maintained a belief that as Metro's nearby property is developed under the terms of the 99-year lease approved by the council in April, the market will seek a new use for the scrapyard that aligns with the changes advancing elsewhere along the East Bank. We will continue to monitor developments."
This article was first published by our sister publication, the Nashville Post.
