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PSC Metals scrap yard


it's just dave

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  • 1 year later...
17 hours ago, nashvylle said:

Look closely and you can see progress on the (I forgot the name)... 

8140D154-8EC1-4726-964A-4440870A01BD.jpeg

Those are portions of Envision Cayce.  To the left is Barrett Manor Apartments, and the 3 structures to the right are Boscobil I.  Soon, the new 3 story Davidson county Sheriff's Office will rise in front of Barrett Manor. 

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7 hours ago, Armacing said:

 

Definitely.  Although they claim it is a sculpture called "Ghost Ballet", I agree with you that it is just scrap metal.GhostBallet_Aycock_BridgeReflection_web.

I like to imagine that it is part of a roller coaster from Opryland. I might start spreading that rumor.

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  • 1 year later...

Back in the news again, but talks have stalled. Highlights below.

 

Carl Icahn's PSC Metals willing to move riverfront scrapyard, but says talks with mayor 'have stalled' - Nashville Business Journal (bizjournals.com)

More than a year after its first meeting with Cooper, PSC told the Business Journal the situation remains the same: "We did not receive a response to the substance of any aspect of our proposal from the city."

According to PSC, at its most recent meeting with Cooper, the mayor asked the company to hire a real estate developer and present a plan of what their revitalized property could entail.

PSC called that request "premature," saying it would be willing to start those developer conversations once the mayor agreed to key pieces of its proposal.

If Cooper is interested in PSC's proposal or has a counteroffer to make, company executives said they welcome that discussion. If not, the scrapyard operation has only become more profitable following PSC's acquisition of Clarksville-based Queen City Metals in 2019, business that PSC has shifted to the East Bank operation.

"We need to hear from the city ASAP because growth initiatives at the East Bank site are already underway," PSC said in its written interview. "We believe that the value of the property only continues to increase. So, we lose nothing by continuing to operate on the site and exploring a relocation deal in five, 10 or 15 years from now. As the business continues to grow, our cost of moving increases, making a relocation more difficult."

PSC estimates that its land, when developed, would generate $80 million a year of new property taxes.

 

PSC came up during a virtual Feb. 4 public meeting about the study effort.

"At this moment, at least, they have decided not to be a major participant," said Metro Councilman Brett Withers, in whose district PSC's land is located. "What I would say as a council member is that the East Bank, the street network, all of those things are Metro's — they're ours, right? They own land, but the street network and all that connectivity belongs to Nashville. We have an obligation, while we're looking at this area, to figure out how we can make that work better for everyone, sort of whether PSC is there or not. … We have to plan for them to stay there, for now. … If they decide to move to another location, that really opens up some big questions and exciting questions."

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Sounds like Icahn knows he’s got the city right where he wants it.  The city will basically have to make a stupid deal to get him on board.  They’ll basically have to give him money…new land to build on…and a piece of the development pie on whatever goes there.  Dude didn’t get super rich by not being a hard negotiator. 

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More details released by the NBJ on the proposed deal: 

https://www.bizjournals.com/nashville/news/2021/02/11/psc-terms-of-the-proposed-relocation-deal.html

Key Highlights: 

If agreed upon, PSC would have 4 years to move. 
- PSC would retain ownership of the land. Metro would advocate for re-zoning allowing for high density development. 
- PSC would retain its retail storefront for community scrap collection at 420 Davidson Street. 
- PSC and Metro would share in the incremental property tax revenue. This would incentivize the company to move and redevelop quickly. Once 15 years has passed, all tax revenue would flow into Metro. Estimates of PSC share range from 20-25 million. 

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Man I was excited seeing this thread but that was a huge article that basically said nothing has changed since cooper said no to the deal. 
 

I actually like the proposed deal, except the that cost to relocate PSC should be recuperated before any tax collection sharing happens. 
 

I think where metro could get really screwed, as @NashRuggerpoints out, is metro spending $30mm to relocate PSC, and the land sits vacant for years because the remediation cost is too high. 
 

cooper might realize this, as I’ve heard remediation could cost around $1BN. 

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1 hour ago, FromParkAveToTN said:

I'm trying to understand how any of these developments have improved my quality of life.  If anything,  my taxes are higher,  crime is horrible,  traffic is horrible,  etc. Maybe I'm missing something.  Am I being left out of the benefits?

Well, I mean, if you make a point to steer clear of them and do nothing but sit inside your home and stew about X, Y, and Z, then no, none of these developments are likely to have a positive impact on your life.  But then again, with that outlook neither will anything else.  I don't mean to pick on you in the least, but your vision of what a city should be is pretty bleak.  It should exist with you exclusively as the absolute top priority, apparently, have no growth or progress or other people... it should exist without problems automatically but you shouldn't have to contribute anything to help solve those problems... sounds  to me like you want to live in a ghost town... or somewhere where there isn't a town to speak of at all... and that's fine... but you shouldn't choose to live in a place, on purpose, that is very much not that, and then complain that it's not something else altogether.   It'd be like buying a Honda Civic and then complaining that it doesn't have the towing capacity of a diesel pickup truck.

Edited by BnaBreaker
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18 hours ago, downtownresident said:

More details released by the NBJ on the proposed deal: 

https://www.bizjournals.com/nashville/news/2021/02/11/psc-terms-of-the-proposed-relocation-deal.html

Key Highlights: 

If agreed upon, PSC would have 4 years to move. 
- PSC would retain ownership of the land. Metro would advocate for re-zoning allowing for high density development. 
- PSC would retain its retail storefront for community scrap collection at 420 Davidson Street. 
- PSC and Metro would share in the incremental property tax revenue. This would incentivize the company to move and redevelop quickly. Once 15 years has passed, all tax revenue would flow into Metro. Estimates of PSC share range from 20-25 million. 

Found this interesting: the building at 420 Davidson Street was previously owned by PSC Metals, Inc, but was quitclaimed in December to Nashville Recycling, LLC. Appears to still be associated with PSC based off mailing address.

240ED12D-B793-4C96-A166-85E6E010BF96.png

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