PSC Metals scrap yard

[MLBrumby]

I don't know when, but they will be on a short term lease. Would love it if it became a prospective site for a MLB park... wonder if Icahn would want to be a partner in the new team (only partly tongue-in-cheek). 

1 minute ago, bnacincy said:

Has SA said they would relocate the site?

 

Edited November 4, 2021 by MLBrumby

[smeagolsfree]

To the question of who would want the land and have to pay the clean up... Well that question was addressed in the NBJ article when looking at Oracle as they are paying for that site to be cleaned up and infrastructure put in to the tune of 175 million.

Oracle agreed to spend as much as $175 million up-front on infrastructure, ranging from roads and environmental cleanup to public recreation space and a pedestrian bridge over the river, linking with Germantown.

 

[nashvylle]

3 hours ago, smeagolsfree said:

To the question of who would want the land and have to pay the clean up... Well that question was addressed in the NBJ article when looking at Oracle as they are paying for that site to be cleaned up and infrastructure put in to the tune of 175 million.

Oracle agreed to spend as much as $175 million up-front on infrastructure, ranging from roads and environmental cleanup to public recreation space and a pedestrian bridge over the river, linking with Germantown.

 

Unfortunately I think the cleanup costs alone here would be much more than the $175MM at Oracle, which was for Roads + Cleanup + Rec Space + Pedestrian Bridge... Meaning I don't expect another buying to do the same deal as Oracle, unless Google or Tesla want to build a master campus here. 

Edited November 5, 2021 by nashvylle

[MLBrumby]

It's been a few years, but last I checked there are big tax breaks for brownfields cleanup, and the eligibility requirements are pretty low.  Basically, if Icahn owns the land and a business occupies it and his company determines there are toxic materials or oil contaminants, then Icahn can expense almost the full amount of the cleanup costs from the business' taxes in that year.  Not sure how that arrangment works with another company leasing the property for the same type of business but the credit goes to the owner.  I'm not an environmental attorney, but I recall that there was some effort a few years ago to tighten up those elig requirements. Just spitballing here, but it's quite possible that Icahn will apply for the tax credit in the last quarter that SA is operating at that site.  So this could speed up the timeline for development. 

[markhollin]

Mayor Cooper responds back to Carl Icahn statement in NBJ today:

"We appreciate the desire to pressure the city into a deal," said Cooper spokeswoman Andrea Fanta, "but Mayor Cooper was elected in part to stop bad deals for the taxpayers of Nashville. The nature of the previous proposal was not sufficiently beneficial to the public. We are always open to discuss new ideas and formulations that would benefit both parties, but the mayor’s first focus was — and remains — on what's best for the city."

More at NBJ here:

https://www.bizjournals.com/nashville/news/2021/11/05/cooper-psc-icahn-scrapyard.html

 

[Rick Dalton]

Love that this has devolved into a cockfight

[downtownresident]

Just now, natethegreat said:

Love that this has devolved into a cockfight

That’s ole Mayor Bushy Brows for you. 

[MLBrumby]

7 minutes ago, downtownresident said:

That’s ole Mayor Bushy Brows for you. 

[smh] Unfortunately looks like it. Icahn is a stubborn old coot. Plays hardball like Trump. He’ll probably wait out Cooper. 

Edited November 5, 2021 by MLBrumby

[downtownresident]

Just now, MLBrumby said:

[smh] Unfortunately looks like it. Icahn is a stubborn old coot. Plays hardball like Trump. He’ll probably wait out Cooper. 

I doubt he will get a second term, imo. 

[MLBrumby]

9 minutes ago, natethegreat said:

Love that this has devolved into a cockfight

Ditto… sorry for the double post. Can’t delete

Edited November 5, 2021 by MLBrumby

[Mr_Bond]

21 hours ago, MLBrumby said:

He’ll probably wait out Cooper. 

While Icahn's land could become more valuable over time, Cooper's political prospects are decreasing.

[samsonh]

19 hours ago, Mr_Bond said:

While Icahn's land could become more valuable over time, Cooper's political prospects are decreasing.

Icahn is also 85 years old, soon to be 86. Who knows how active he truly is in IEP at this point. The main point is this: this isn’t the Gulch in 2005. We don’t need to give people money to share risk in developing this land. Let the market work and let Icahn find a price with all the environmental stuff included. Don’t let IEP take the taxpayers for a ride.

[smeagolsfree]

1 hour ago, samsonh said:

Icahn is also 85 years old, soon to be 86. Who knows how active he truly is in IEP at this point. The main point is this: this isn’t the Gulch in 2005. We don’t need to give people money to share risk in developing this land. Let the market work and let Icahn find a price with all the environmental stuff included. Don’t let IEP take the taxpayers for a ride.

I was thinking the same thing. He is an old fellow and does not have the energy to deal with this. Metro can wait for his funeral I guess and who ever takes over will be glad to deal.

[downtownresident]

From the NBJ, emails obtained from Metro show that PSC has been working with Brookfield Properties, having had joint meetings with the Metro Planning Department and other officials from April though October. More behind the paywall here: https://www.bizjournals.com/nashville/news/2021/11/11/brookfield-psc-metro.html

[MLBrumby]

No ostensible movement from emails between Metro, PSC and Brookfield Development, the huge real estate development firm behind 5th & Broad.  No details on what they would plan there, but it's a positive thing that there is current discussion on what to do with the 45 acres owned by PSC.  

https://www.bizjournals.com/nashville/news/2021/11/11/brookfield-psc-metro.html

On Aug. 31, Brookfield's Martin emailed the department's executive director, Lucy Kempf. He asked to "discuss follow-up items and next steps for PSC."

Kempf replied: "PSC on board to have detailed convo?"

"Yes," Martin replied. "Spoke with them this morning and they were asking me what the next steps were…including a planning meeting. They have also asked me to set a meeting with the mayor. I figured this meeting would be helpful in trying to get more alignment and information on planning."

It appears that Brookfield is driving this as they want to be the developer of the property.  Hey! It's a start... and more than I (or maybe most of those on this forum) thought was going on at this time. You never know. 

Courtesy NBJ

 

Edited November 11, 2021 by MLBrumby

[TheRaglander]

So what this means is that properties 1 & 2 are in the mix now?  Because who would build anything around the P.O.S. PSC property as is?

[nashvylle]

Promising news! 

[Bos2Nash]

I think the East Bank Study will also play a big role in what Icahn, Brookfield and Metro does. While technically the PSC site is not in the study, stakeholders within the public meetings have been operating that what is laid out will continue through the PSC site including the central spine. Metro will ultimately have to play a little ball with the property owner, but only to the extent of getting infrastructure and new roadways built. I still believe the cost of remediation and development should solely rest with Icahn and his partners. This includes not giving any tax breaks to the development team. There are brownfield credits within many green development programs and possibly TDEC and the Federal Govt has tax credits for clean up, but Metro has suffered through the existence long enough where they should not be bent over a barrel by this guy. 

I know this isn't a majority view, but I actually applaud the way Mayor Cooper has handled himself with some of the deals that were poorly negotiated by his predecessors. The oompa loompa has done very well for himself, even if some folks believe he has burned some political power, he has done it in the interest of the city.

[Bos2Nash]

Going to put this here because it doesn't speak to Amazon, but purely PSC as a potential site.

I was having a conversation with a person associated with someone on my building tour last week and he made very interesting scrapyard reference. The amount of land that is within the boundaries of the scrapyard is roughly the same size the South Gulch! It is possible that someone comes in and plays Master Planner (MarketStreet for the Gulch?) and then parcels off the scrapyard. That is not to say a tech company like Meta couldn't come in and do that, but that is a very sizable piece of land to buy and prep for development – I still believe either Icahn or whoever buys the land needs to clean up, absolutely not Metro.

This is an approximate area of all the scrapyard. 2,605,899.57 square feet.

The South Gulch area is approximately 2,561,275.45 SF

For comparison, Oracle has bought up a little north of 3.1 million square feet of land in River North.

To me we do not want a large corporate office campus on the PSC site. We want something that is going to tie in to the East Bank districts and Nissan and have a cohesive neighborhood. PSC would be good for baseball or a performing arts center as part of the larger neighborhood, 

Edited February 15, 2022 by Bos2Nash
re-did imagery and the size comparison

[nashvylle]

MLB with tons of Fifth & Broads connecting to Nissan Stadium redevelopment! 

[Luvemtall]

This is inline with my “ entertainment district “ theme. In light of the recent news of the fate of the Polk building and TPAC , this area is indeed ready to be developed into what @Bos2Nash has mentioned. Baseball / multiuse stadium, performing arts center , combined with a large Ferris Wheel ( like The London Eye) , a polar coaster, shops , restaurants..etc. all interconnected with green space, walking and bike trails with excellent lighting for security at night plus the WOW factor!

Plus the previous mentioned, streetcar, gondola, or monorail to connect to Downtown, Midtown & Westend

[Flatrock]

1 hour ago, nashvylle said:

MLB with tons of Fifth & Broads connecting to Nissan Stadium redevelopment! 

THIS! Ref. Atlanta Braves Truist Park Stadium and the surrounding neo-urban vibrant work/live/play neighborhood - The Battery.  All created from scratch. 

[MidTenn1]

This would be awesome (if it's still there) if towed down from Philadelphia and anchored to the East Bank near the (soon to be) former PSC Metals site. It would have a museum, boutique hotel, restaurants, concert venue on deck and a landing pad for Marine 1. It would be a 'let's drive to Nashville and see that' moment. The locks on the Cumberland are wide enough to scrape it through (by 5 feet).

[Luvemtall]

18 minutes ago, MidTenn1 said:

This would be awesome (if it's still there) if towed down from Philadelphia and anchored to the East Bank near the (soon to be) former PSC Metals site. It would have a museum, boutique hotel, restaurants, concert venue on deck and a landing pad for Marine 1. It would be a 'let's drive to Nashville and see that' moment. The locks on the Cumberland are wide enough to scrape it through (by 5 feet).

.That is a great idea! It would be such a honor to have . And it should be here in its namesake city. 

[markhollin]

30 minutes ago, MidTenn1 said:

This would be awesome (if it's still there) if towed down from Philadelphia and anchored to the East Bank near the (soon to be) former PSC Metals site. It would have a museum, boutique hotel, restaurants, concert venue on deck and a landing pad for Marine 1. It would be a 'let's drive to Nashville and see that' moment. The locks on the Cumberland are wide enough to scrape it through (by 5 feet).

As much as I love this idea, I seriously doubt something of this size could make it through many of the tight turns of the Cumberland River, nor fit under many of the bridges.