LOCAL

Mayor Cooper sets meeting with billionaire land owner Carl Icahn over PSC 'eyesore'

Sandy Mazza
Nashville Tennessean
  • PSC Metals has long been considered an eyesore on the east bank of the Cumberland River.
  • Mayor John Cooper says he will meet with the site's owner, billionaire investor Carl Icahn.

The grand vision for downtown Nashville's future cityscape has at least one glaring blemish: the metal-recycling plant occupying prime riverfront real estate. 

The sprawling scrapyard has been an "eyesore" for years though its sits on some of the city's most valuable real estate, Mayor John Cooper said. But he said there's reason to be hopeful about development at the parcel neighboring the Cumberland River and a greenway across from SoBro. 

Cooper said he will meet with the 2.7-acre property's billionaire owner to discuss a sale. Numerous investors have expressed interest in buying it. 

"PSC Metals has been an eyesore for a long time," Cooper said during an address to the Economic Club of Nashville this week. "It is owned by Carl Icahn, the famous billionaire. However, he has sold the company. That's a good development for Nashville because it makes Carl Icahn just a real-estate investor."

Previous coverage:Carl Icahn's PSC Metals buys out East Bank landlords for $24 million, ending legal dispute

Read this:East Nashville's getting the biggest development wallop yet as downtown leaps over the river

Metro leaders have long discussed possibilities for the site – notably as the home for a Major League Baseball team, should one be attracted to town and financed by a wealthy investor.

A consortium called Music City Baseball is working to try and secure a team, although of late the group has discussed a stadium location in North Nashville near Tennessee State University. 

PSC Metals, which sits on a bluff above the Cumberland, shreds metal scraps and ships them by barge.

But nothing is certain other than the eager interest from investors who want to buy the metal yard and transform it into a thriving downtown destination.

"I was given strong advice to go see Mr. Icahn, which I am doing, and also to see Mr. Icahn's son because he's in his late-80s and there will be a transition," Cooper said. "He's famously good at getting more value than something is often perceived as being worth. I'm determined that the city is not going to play a bad hand there."

Sandy Mazza can be reached via email at smazza@tennessean.com, by calling 615-726-5962, or on Twitter @SandyMazza.