This is finally going to happen. Good Luck Doing Business with the City of Memphis:
From the CA:
Construction that will turn The Pyramid into a Bass Pro Shops superstore will begin Oct. 11, with plans to open for business Aug. 1, 2013, according to sources familiar with the project.
The city of Memphis and Bass Pro have reached a consensus on the above-ground and below-ground costs for stabilizing the vacant arena, a key hurdle in the nearly six years of negotiations about the Downtown site, the sources said.
Officials believe it will cost $19.5 million to retrofit the structure and $5.5 million to stabilize the soil on the west side of the building closest to the Wolf River Harbor.
On Tuesday, Robert Lipscomb, director of Housing and Community Development and the point man for Pyramid redevelopment, is slated to give the 13-member City Council an update on the project. Council members said Lipscomb began meeting with them individually Wednesday to talk about the project.
"When we're ready to talk, we'll talk to all the media at the same time," said Larry Whiteley, manager of communications and outdoor education for Bass Pro Shops.
Since Bass Pro began negotiating with the city about The Pyramid in 2005, the company has expressed concerns about the seismic stability of the structure. Experts say the land beneath the arena could be subject to liquefaction -- when solid ground becomes like quicksand -- in an earthquake.
In January, Bass Pro and seismic experts called for a detailed test of a scale model to see if the building could survive an earthquake or if retrofitting was needed.
With the city and the Springfield, Mo.-based retailer agreeing on the stabilization costs, planners have been able to set a timeline for construction and completion.
Beyond transforming the arena, the project is expected to inspire a redesign of the area around The Pyramid, focusing on the connections among the building, the Mississippi River, Memphis Cook Convention Center and the historic Pinch District.
"The Pyramid and Pinch Historic District have received the most attention, but the city of Memphis redevelopment vision is much bolder," Lipscomb said in an interview earlier this year. "It is not about the addition of a retail magnet and a distinctive retail district, but more precisely, it is about building a thriving, active convention center district."
Lipscomb is proposing the city purchase Shelby County's share of the convention center, which would then be renovated, but not expanded. That part of the project is expected to cost roughly $60 million. The city also expects to purchase the old Lone Star Industries property, which features neon "Memphis" signs, for $12 million to $15 million.
Bass Pro is expected to invest at least $33 million in the project.
The city plans to float bonds through the Center City Revenue Finance Corp., the finance arm of the Downtown Memphis Commission, which would be repaid through increases in state sales tax revenue from new retail businesses in the Tourist Development Zone.
Tourist Development Zones divert the increased collections of new tax revenue from businesses within the designated areas back into specific public-use facilities, such as The Pyramid or Memphis Cook Convention Center, instead of sending that revenue to the state.
Last year, the city and Bass Pro signed a lease for the retailer to occupy the redeveloped Pyramid for an initial period of 20 years, with seven five-year renewals, for a possible total of 55 years.
The Bass Pro Shops store at The Pyramid will re-create a Delta "cypress swamp," with a large body of water on the ground floor and cypress trees stretching into the upper reaches of the refurbished building.
Visitors would travel on elevated walking paths, above a swamp stocked with freshwater fish.
Video:
http://www.wmctv.com/category/195967/video-landing-page?clipId=6161528&autostart=trueMemphis is getting the Old Delta Queen back for cruises on the Sippi again
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