Post by Coasterdude5 on Sept 9, 2007 9:00:03 GMT -5
Memphis marketing executive Greg Ericson says his plan for an indoor theme park at The Pyramid wowed Mayor Willie Herenton at their June 25 meeting.
But more than two months later, Ericson says he's still trying to secure a nonbinding letter of intent from the city for his "Pyramid Adventure." The document, he says, is essential for him to secure financing from an investment team that includes "a very large, well-known bank," along with private investment companies.
"The mayor loved our project," said Ericson, who would like to partner with Bass Pro Shops, the Springfield, Mo.-based outdoors retailer that has been granted a series of nonbinding letters of intent on the vacant arena but has yet to commit to the project.
"At the end of the meeting he gave instructions to all of us there to move forward with the letter of intent as quickly as possible. Those were his words."
Robert Lipscomb, who is director of the city's Housing and Community Development Division and oversees Pyramid redevelopment, also attended the June meeting, at which one of Ericson's financial backers was connected via teleconference. But, when asked if Herenton endorsed the idea of a letter of intent, Lipscomb said, "I don't recall that specifically ... "
Mayoral spokeswoman Toni Holmon-Turner, after talking with Herenton on Friday, said: "They did meet. The mayor said he did like his proposal. But he did not say hammer out a letter of intent."
Shelby County jointly owns the building but is allowing the city to lead the redevelopment process, said County Atty. Brian Kuhn, who was briefed in recent weeks on the theme park proposal by Ericson representatives.
"We didn't commit to anything," Kuhn said. "It was an information meeting ... so if we got to a letter of intent, at least we would have some knowledge of it."
The city has stuck with Bass Pro despite the lack of a binding company commitment, with Lipscomb often citing the complexity of reinventing an arena and the lack of an alternative as strong as the outdoors retail giant.
Ericson, however, suggests the city took a wrong turn two years ago. He references the summer of 2005, when a national consultant's report recommended a tourist attraction, coupled with specialty retail and restaurants, as the "best usage" of The Pyramid.
At that time, members of a public-private re-use committee showed support for Ericson's theme park plan, particularly when compared to another proposal for an aquarium.
"An indoor theme park, of the magnitude that's being envisioned, is unique," committee chairman Scott Ledbetter said in June 2005. "I happen to love aquariums, but they're not unique."
The city and county, however, put their emphasis on securing a major retailer, leading to Bass Pro's splashy press conference in February 2006.
Plans called for Bass Pro to take possession of the building by about July 1, 2006, with a tentative store opening in 2008.
Instead, target dates have been pushed back in subsequent letters of intent. The current document calls for a lease to be signed by Jan. 31, 2008. But the letter of intent says Bass Pro can walk away if it is "not satisfied with the results of its investigations, studies and planning, for any reason ..."
Also, if the project goes forward, Bass Pro may spend only $45 million, rather than the $75 million estimated when the company announced the project in February 2006.
"We have had talks with Bass Pro (about a partnership)," Ericson said, "and we feel that it would be great to work together. I'm just not sure if they're really interested in the project."
He added, "We've also had preliminary conversations with Cabela's," another major outdoors retailer.
Bass Pro spokesman Larry Whiteley said, via e-mail, that the company still is "moving forward looking at all options," and that president Jim Hagale was unavailable for comment.
Ericson said he's willing to lease or buy the building. In the latter scenario, he proposes paying the amount that's still owed on the building by the city and county -- about $13.5 million, combined, including principal and interest.
"Which we feel is very fair, when you consider the fact that we're talking about investing more than $150 million in the project," Ericson said.
He said the theme park would be "naturalistically" themed and Disney-like, with thrill rides, children's rides, a 150-foot mountain, a nearly 300-foot glass elevator to the observation deck -- and, he's hopeful, the Grand Carousel from the old Libertyland park. He says his group would pay to restore the carousel.
"This is a homegrown project, and we feel that it is a great addition to the city of Memphis," Ericson said. "I am still positive. I'm frustrated with the slow pace and the fact that two years have been wasted. But I'm very, very positive."
But more than two months later, Ericson says he's still trying to secure a nonbinding letter of intent from the city for his "Pyramid Adventure." The document, he says, is essential for him to secure financing from an investment team that includes "a very large, well-known bank," along with private investment companies.
"The mayor loved our project," said Ericson, who would like to partner with Bass Pro Shops, the Springfield, Mo.-based outdoors retailer that has been granted a series of nonbinding letters of intent on the vacant arena but has yet to commit to the project.
"At the end of the meeting he gave instructions to all of us there to move forward with the letter of intent as quickly as possible. Those were his words."
Robert Lipscomb, who is director of the city's Housing and Community Development Division and oversees Pyramid redevelopment, also attended the June meeting, at which one of Ericson's financial backers was connected via teleconference. But, when asked if Herenton endorsed the idea of a letter of intent, Lipscomb said, "I don't recall that specifically ... "
Mayoral spokeswoman Toni Holmon-Turner, after talking with Herenton on Friday, said: "They did meet. The mayor said he did like his proposal. But he did not say hammer out a letter of intent."
Shelby County jointly owns the building but is allowing the city to lead the redevelopment process, said County Atty. Brian Kuhn, who was briefed in recent weeks on the theme park proposal by Ericson representatives.
"We didn't commit to anything," Kuhn said. "It was an information meeting ... so if we got to a letter of intent, at least we would have some knowledge of it."
The city has stuck with Bass Pro despite the lack of a binding company commitment, with Lipscomb often citing the complexity of reinventing an arena and the lack of an alternative as strong as the outdoors retail giant.
Ericson, however, suggests the city took a wrong turn two years ago. He references the summer of 2005, when a national consultant's report recommended a tourist attraction, coupled with specialty retail and restaurants, as the "best usage" of The Pyramid.
At that time, members of a public-private re-use committee showed support for Ericson's theme park plan, particularly when compared to another proposal for an aquarium.
"An indoor theme park, of the magnitude that's being envisioned, is unique," committee chairman Scott Ledbetter said in June 2005. "I happen to love aquariums, but they're not unique."
The city and county, however, put their emphasis on securing a major retailer, leading to Bass Pro's splashy press conference in February 2006.
Plans called for Bass Pro to take possession of the building by about July 1, 2006, with a tentative store opening in 2008.
Instead, target dates have been pushed back in subsequent letters of intent. The current document calls for a lease to be signed by Jan. 31, 2008. But the letter of intent says Bass Pro can walk away if it is "not satisfied with the results of its investigations, studies and planning, for any reason ..."
Also, if the project goes forward, Bass Pro may spend only $45 million, rather than the $75 million estimated when the company announced the project in February 2006.
"We have had talks with Bass Pro (about a partnership)," Ericson said, "and we feel that it would be great to work together. I'm just not sure if they're really interested in the project."
He added, "We've also had preliminary conversations with Cabela's," another major outdoors retailer.
Bass Pro spokesman Larry Whiteley said, via e-mail, that the company still is "moving forward looking at all options," and that president Jim Hagale was unavailable for comment.
Ericson said he's willing to lease or buy the building. In the latter scenario, he proposes paying the amount that's still owed on the building by the city and county -- about $13.5 million, combined, including principal and interest.
"Which we feel is very fair, when you consider the fact that we're talking about investing more than $150 million in the project," Ericson said.
He said the theme park would be "naturalistically" themed and Disney-like, with thrill rides, children's rides, a 150-foot mountain, a nearly 300-foot glass elevator to the observation deck -- and, he's hopeful, the Grand Carousel from the old Libertyland park. He says his group would pay to restore the carousel.
"This is a homegrown project, and we feel that it is a great addition to the city of Memphis," Ericson said. "I am still positive. I'm frustrated with the slow pace and the fact that two years have been wasted. But I'm very, very positive."
I was 100% for this project, but now that they have intent to re-use the Grand Carousel, I'm 110% for this thing.