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What is up with the Pyramid?


tnse

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I seem to remember it coming up over the years, but it would take developers with deep pockets and a plan that stood to make money faster than the Mint.

A few problems with tearing it down:

- Most Memphians (past and present included) want to see it stay.

- Any developer would likely have to assume the city's debt on the original structure. Nobody wants to do that.

- The building is huge, and the foundation is quite substantial.

So I think the building will be with us for some time to come.

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I live in Tallahassee, FL and there have been some similar situations with buildings. For example one mall went under and the building remained empty for quite a while. State government eventually purchased the property, renovated the building and made state offices out of it. Would it be possible for city and/or county goverment to purchase the building and convert most, if not all of it into govermental offices? Maybe have a small to medium galleria type businesses on the lower floors?
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The Ericsoon Plan does look like a great investment into not only the Pyramid but for the entire Pinch District. I think if BPS does not submit a viable plan by January 31 of next year then as soon as possible the city should see about dropping BPS's option on the building and allowing Ericson to move forward with securing an option and start the process of attempting to get his project off the ground.

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A theme park in the pyramid would definitely make me wanna visit Memphis again. The whole plan seems to be too good and enticing to pass up. Now will the city officials do the right thing and tell BPS to take a long hike or will they continue to be pushed around by an outsider and made to wait and wait and wait? My money is on the latter. Memphis is heavily known for always dropping the ball when it comes to improving the economy and bringing in tourism. Letting this slip by could be their worst failure in city history to date.

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A theme park in the pyramid would definitely make me wanna visit Memphis again. The whole plan seems to be too good and enticing to pass up. Now will the city officials do the right thing and tell BPS to take a long hike or will they continue to be pushed around by an outsider and made to wait and wait and wait? My money is on the latter. Memphis is heavily known for always dropping the ball when it comes to improving the economy and bringing in tourism. Letting this slip by could be their worst failure in city history to date.
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Well, I guess I'm in wait-and-see mode. I had mentioned in earlier posts that I wanted to see a retail/service component to the redevelopment vs. a purely entertainment venue, and Ericson's upgraded proposal certainly fits that. My questions/concerns that Ericson will probably address in the next few months:

1. Is the larger scale of the redevelopment tied in with the propsed land bridge the RDC floated some time ago?

2. Will the group purchase the property outright and allow the city/county to eliminate the Pyramid debt?

3. Does Ericson's group see an uptick in the amphitheater concert business that has been in decline for the past several years? Other cities' large amphitheaters have had less success than in the '90s, and I wonder of this 15K-seat proposed facility might be 10 years too late.

4. The 350 room hotel connected to the Conv. Center is a great idea; is there a forecast for increased convention business or a plan to futher expand the facility? This and the other hotel need to be major chains for ease of marketing and reservations.

5. Will Pyramid Park Plaza be east or west of Front Street and how will it tie into any Pinch redevelopment plans? I want to see the Pinch get redeveloped and become a great link between Mud Island/Uptown but keep a pedestrian-friendly street-level character vs. turning it into another strip mall. Given Ericson's address, I think he can better address those concerns than others.

6. The retail side needs to include some sort of destination shopping component to keep it attractive for the long term and needs stores/restaurants not found elsewhere in the market. Otherwise, this might end up Peabody Place 2.0 (I fault Belz for poor tenant selection but P-Place is not a lost cause).

7. No taxpayer funding...will that include the infrastructure side of things?

8. Will there be any office space component to this new development? I'm sure the Downtown Works Initiative might be interested in seeing some space come available; more employees downtown helps the retail and restaurant business.

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I think the retail component is very intriguing. I hope that tenants chosen will support the needs of Uptown and Mud Island on a day to day basis. Not to pick on Peabody Place, but it's unlikely that anyone is going to go to the Gap more than once a week. On the other hand, several small food related business, like a deli, a bakery, a coffee place, could be destinations for me more than once or twice a week.

The big question for what is essentially a mall is how to knit it into the fabric of the neighborhood. It's good to see that the entrance opens out onto Front Street. That should be great for residents in the front street condos especially. I think investment in sidewalks and street crossings to link the Pinch to Uptown would be well spent too, especially with this project in mind.

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I am loving that rendering of the proposal. It gives Mud Island some serious exposure that usually is overlooked by incoming traffic over the river. It looks as if there's going to be 3 hotels in all. The two pyramid shaped and the taller one near the Miss. bridge on mud Island. The amphitheater looks to be covered or closed with a white roof. I noticed they plan to finish that stretch of highway that's next to the pyramid and expand it leading into downtown. I love the overall image that is being presented! Let's just hope that Herenton and Lipscomb see the same.

By the way, it sounds now as if this plan has woke up BPS and are scared Ericson's plan might derail their letter of intent with the city. They say they have no interest in a merging partnership with Ericsson and don't want a theme park as part of their plans. They say their plans are bigger. Yeah right. This is the same company who promised everything from an indoor aquarium, inclinator, to a hotel inside the pyramid and other neat attractions, now plan on just a store and less than $50 million invested. Their plan will only benefit their own needs not the city's. Meanwhile Ericson's benefits everyone and makes the city even more attractive to outsiders.

BPS' plan would only interest people who like to fish or for outdoor sports. Women and children won't care to see that. But Ericson's plan would interest everyone from men, women and children of all nationalities and race and age and different tastes. How can the city even still consider BPS over Ericson's plan is beyond me. If I were Lipscomb, I would tell BPS to go fishing elsewhere that we found the right fit. End of story.

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The rendering does so the potential of the Ericson development. I was wary of the smaller pyramid hotels aspect, but upon seeing them in the rendering I think they are actually quite a good addition to the project.

It is interesting the CA finally got BPS to talk about their project now that a serious competitor is in the mix. I would not be suprised if they actually move on getting this done if they are actually going to do follow through on their letter of intent, otherwise I see them bailing out for lack of city support or some other contrived reason before the city boots them.

I supported the BPS as the best option when their were no better alternatives, but now Memphis has a good or better alternative - so either they need move forward or move out of the way for Ericson can do so. I am proud of Memphis's city government for taking the time to try to redevelop this site with the best option possible, and it is paying off with two very solid proposals for the site who now will have to compete with one another for the site if they really want it. Competition always leads to better results.

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