Post by Coasterdude5 on Dec 12, 2007 19:59:52 GMT -5
This has come up a few times before but it seems to be alot bigger and more planned-out this go around.
ericsongroup.com/pyramid/main.htm
I think we can all agree this would be better than an oversized Bass Pro Shop. (even though they are cool).
I'll keep everybody updated.
ericsongroup.com/pyramid/main.htm
Ericson Group is proposing a $250 million entertainment, hotel and restaurant development for the Pyramid and its surrounding area as well as future developments on Mud Island.
Greg Ericson, president and CEO of Memphis-based Ericson Group, presented his plan to the Shelby County Commission's Economic Development and Tourism Committee Wednesday afternoon.
The project, called Pyramid Adventure, is a dramatic $100 million-plus expansion of the plan Ericson presented three years ago to turn the Pyramid into an indoor theme park.
The theme park aspect of the development remains but is now joined by a 200,000-square-foot open air mall called Pyramid Park Plaza and a 350-room upscale Pyramid-shaped hotel between the Pyramid and the Cook Convention Center.
Both developments would be located north of Interstate 40.
Ericson said other plans would call for a $50 million investment on the Mud Island development, called Harbor Island. That project would include a 15,000-seat amphitheater, a second 300-400 room hotel, a floating maritime museum and a new entrance at the south end of the island.
Future developments would include an aquarium or water park at the site of the current Lone Star operation and an indoor/outdoor promenade of shops along Wolf River.
Financing would be provided by a group of private equity investors that include Prosperity International and Essex Investment Partners and Ericson Group, Ericson said. No local tax dollars would be requested beyond what has been promised to Bass Pro, he said.
According to Ericson's proposal, the entire project would create between 3,000 and 3,500 jobs and draw 1.5 million-2 million visitors annually.
Commissioners were almost giddy over the proposal. Commissioner James Harvey said, "I think this is an excellent project You look at this and hope this other project hadn't happened."
Harvey was referring to the $45 million proposal by Bass Pro Shops to convert the Pyramid into a retail store.
Both the city and the county own the Pyramid and the city has taken the lead in negotiations with Bass Pro since 2005. A non-binding letter of intent is set to expire Jan. 31.
Commissioners spent much of the Wednesday meeting discussing the letter, the seriousness of a Bass Pro offer and what the body would do should Bass Pro not present a plan before Jan. 31.
Several commissioners, including Steve Mulroy, Mike Ritz and Wyatt Bunker, expressed doubts in a suitable plan being presented.
"The ethical obligation we have is to the taxpayers of Shelby County, not Bass Pro," Mulroy said. "This is a better use for the Pyramid than a glorified bait shop."
Greg Ericson, president and CEO of Memphis-based Ericson Group, presented his plan to the Shelby County Commission's Economic Development and Tourism Committee Wednesday afternoon.
The project, called Pyramid Adventure, is a dramatic $100 million-plus expansion of the plan Ericson presented three years ago to turn the Pyramid into an indoor theme park.
The theme park aspect of the development remains but is now joined by a 200,000-square-foot open air mall called Pyramid Park Plaza and a 350-room upscale Pyramid-shaped hotel between the Pyramid and the Cook Convention Center.
Both developments would be located north of Interstate 40.
Ericson said other plans would call for a $50 million investment on the Mud Island development, called Harbor Island. That project would include a 15,000-seat amphitheater, a second 300-400 room hotel, a floating maritime museum and a new entrance at the south end of the island.
Future developments would include an aquarium or water park at the site of the current Lone Star operation and an indoor/outdoor promenade of shops along Wolf River.
Financing would be provided by a group of private equity investors that include Prosperity International and Essex Investment Partners and Ericson Group, Ericson said. No local tax dollars would be requested beyond what has been promised to Bass Pro, he said.
According to Ericson's proposal, the entire project would create between 3,000 and 3,500 jobs and draw 1.5 million-2 million visitors annually.
Commissioners were almost giddy over the proposal. Commissioner James Harvey said, "I think this is an excellent project You look at this and hope this other project hadn't happened."
Harvey was referring to the $45 million proposal by Bass Pro Shops to convert the Pyramid into a retail store.
Both the city and the county own the Pyramid and the city has taken the lead in negotiations with Bass Pro since 2005. A non-binding letter of intent is set to expire Jan. 31.
Commissioners spent much of the Wednesday meeting discussing the letter, the seriousness of a Bass Pro offer and what the body would do should Bass Pro not present a plan before Jan. 31.
Several commissioners, including Steve Mulroy, Mike Ritz and Wyatt Bunker, expressed doubts in a suitable plan being presented.
"The ethical obligation we have is to the taxpayers of Shelby County, not Bass Pro," Mulroy said. "This is a better use for the Pyramid than a glorified bait shop."
I think we can all agree this would be better than an oversized Bass Pro Shop. (even though they are cool).
I'll keep everybody updated.