One year after agreement, Pyramid still sits empty - WMC Action News 5 - Memphis, Tennessee

One year after agreement, Pyramid still sits empty

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  • Reported by Nick Kenney

    Bass Pro commits to Pyramid

    Bass Pro commits to Pyramid

    Monday, August 25 2008 5:37 PM EDT2008-08-25 21:37:06 GMT
    The CEO for Bass Pro Shops said at a meeting with city and county leaders Monday the retailer will turn the Pyramid into a new super store which will also include a 200 room hotel and restaurant. More >>

By Nick Kenney - bio | email | Twitter | Facebook

MEMPHIS, TN (WMC-TV) - One year ago, Bass Pro Shops signed a binding development agreement to move into the Pyramid Arena. 

It was last August when the president of Bass Pro Shops pitched the idea of a Pyramid store to the Memphis City Council and Shelby County Commission.

"We have never wavered in our enthusiasm and our commitment," Bass Pro Shops President Jim Hagale said on August 25, 2008. "We are absolutely committed."

Hagale and former Memphis Mayor Willie Herenton signed a binding development agreement on August 25, 2008, agreeing to finalize the plans "over the next year."

But one year later, plans are far from final, and the Pyramid remains empty.

Before he took office, Mayor Pro Tem Myron Lowery said the Pyramid project was high on his list of deals to focus on during his tenure.

"I want to take a good hard look at Bass Pro and where we are so I can meet the principals in this transaction," Lowery said on June 27, 2009.

On the year-anniversary of the signed binding agreement, Lowery declined our request for an interview.  In an e-mail, Lowery's spokeswoman said the Mayor Pro Tem remains committed to making "significant progress" on the Pyramid and "the city is in intense negotiations with Bass Pro as we speak."

As part of the binding development agreement, Bass Pro agreed to pay $35,000 per month.  Officials at City Hall said the company is paying the agreed-upon rent.

Before taking office, Lowery promised not to sign any 50-year contracts, a reference to the Beale Street deal signed by an interim mayor and currently in litigation.

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