NASHVILLE, Tenn. — A team of more than 50 private investors has purchased the 47-acre metal recycling scrapyard on Nashville's East Bank for $245 million, marking a major step in transforming the area near the new stadium..
The investor group is led by David Byerley, who previously developed the 19-acre Nashville Yards project downtown. A deal has been in the works since at least February.
"There needs to be a vibrant and attractive downtown neighborhood where families have a sense of belonging and build strong, lasting memories together," Byerley said.
The purchase represents a major shift for the property, which has operated as a metal recycling facility since the 1960s.
Local songwriter and hospitality worker Michael McCrae shared his vision for the property's future.
"What can we do for the kids? What can we do for the kids? Let's get a Universal Studios right here," McCrae said, referencing Nashville's former theme park, Opryland, which closed in 1997.
Political analyst Pat Nolan, who came out of retirement to discuss the project, noted that significant challenges remain before development can begin.
"My grandmother worked over there back in the early 1900s," Nolan said. "And as far as what will happen quickly, I doubt very much."
Nolan pointed to environmental hurdles, flood plains, roadway debates and zoning appeals that must be navigated before construction can begin.
"That'll be a part of town, as we've seen in other places, that if you got parachuted in there, you wouldn't know where you were. It's a little bit like what happened when they finally got the Gulch redeveloped. You'd go down there and you'd say, all right, am I in Nashville, or am I in New York City," Nolan said.
The East Bank has been the subject of ongoing discussions between state and city leaders for years. Former Nashville Mayor David Briley had previously worked toward relocating the scrapyard to another part of town, but those plans were paused when Mayor John Cooper took office in 2019 facing budget constraints.
Current Mayor Freddie O'Connell addressed the East Bank plans, noting that proposals like "Imagine East Bank" have always included this portion of land.
"I am very aware of how this has a priority not just for prior mayors but I think for Nashvillians who know that portion of the Cumberland Riverfront may be better suited for something other than a scrap metal site," O'Connell said. "The price point suggests that maybe something more exciting than a scrap metal site moving forward."
The property has attracted attention from various quarters over the years. In 2021, Rolling Stones frontman Mick Jagger visited the scrapyard during the band's "No Filter" tour stop in Nashville, posting photos on social media of himself with the "heavy metal" backdrop.
According to a press release, the purchasing entity is TEB LLC, organized by ARRT Global's SRE Fund I, LLC. Byerley is joined by Sam Lingo, Managing Partner at ARRT Global and former President and Chief Operating Officer at Nashville Entrepreneur Center.
"With the land now acquired, our work will be steadfast and meticulous to deliver a generational vision for all stakeholders," Lingo said. "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."
Have information about the East Bank development or ideas for what should be built there? I'm continuing to follow this story as it develops. Email me at Amanda.Roberts@NewsChannel5.com with tips, suggestions or questions about Nashville's changing riverfront.
This story was reported on-air by Amanda Roberts and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
