Ruling against PSC Metals creates potential for mixed use development pending trial
NASHVILLE, Tenn.--A Nashville U.S. District Judge has issued an order ruling against PSC Metals that opens the door for part of the property leased by the company to be available for mixed use.
The suit stems from a dispute between PSC Metals and the land owners over rent. In 2014, rent for PSC was slated to rise from $98,000 to $1,740,200 (based on the previous agreement) after the landowners had an appraisal completed which appraised the property's value based on mixed use zoning. PSC had their own appraisal which disputed the original, stating the best use of the land was for industrial use, which is how PSC currently uses the property.
PSC agreed to the rent increase with the expectation their lease would be adjusted if they win the suit. The ruling by Judge Aleta Trauger means the case will now go to trial for a resolution.
If PSC Metals loses the case, it could be faced with the decision to pay the higher rent or vacate the premises. PSC Metals states in the suit they have been the "target of development plans by the City of Nashville for several years" and the company has been examining options on where the company could be relocated.
PSC Metals, along with Stadium Inn, has been considered an eyesore by many in Nashville due to it's prominent location just off I-24 near Nissan Stadium. Given the location and Nashville's housing boom, the 19.5 acres in question under the lawsuit could be targeted for development.
PSC says the rent they pay should not change since the property has been used for industrial purposes for "many decades."