T
he Carl Icahn-owned firm is auctioning a 45-acre site in Nashville's East River district, which boasts a prime location near the planned NFL stadium and Cumberland River. However, potential buyers will face challenges due to environmental concerns and uncertain infrastructure and zoning issues. The land was previously home to SA Recycling, a scrap metal plant that closed, leaving behind contamination worries.

    A Brownfield Voluntary Agreement with the state would be necessary for any buyer to remediate the pollution, which is a common practice in Nashville's downtown area. While cleanup costs will add to the financial burden, environmental consultant David Jackson notes that it's more manageable than dealing with chemical plants or refineries.

    The East Bank district has seen significant transformation with projects like Oracle's tech campus and the Tennessee Titans' stadium. The city plans to build a 140-foot-wide road through the area, but its acquisition status remains unclear for potential buyers. Zoning codes have also been expanded to allow 40-story buildings in specific sectors, excluding the scrapyard site.

    Lead broker Bryan Fort anticipates interest from large institutional buyers and family offices due to the East Bank's growing appeal. The auction is being handled by CBRE, with a reserve price not disclosed.