Ericson group not letting go of Pyramid plans - WMC Action News 5 - Memphis, Tennessee

Reported by Andrew Douglas

Ericson group not letting go of Pyramid plans

"We still want to develop the Pyramid and Mud Island and we feel like we have the best proposal," developer Greg Ericson said.  
 
Ericson is not letting go of his $300 million dream proposal.

A Theme Park inside the Pyramid along with shops, restaurants, hotels, and an amphitheater on Mud Island. Creating an entertainment center on 90 acres. 

"We have a great plan for the development of the downtown riverfront plan and we think it is the best thing. I not only am a developer but I am a citizen of Memphis and Shelby County and I think its the best for us here," Ericson said.
 
Action News Five has learned the Bass Pro bid is offering to lease the Pyramid and create an outdoor themed retail megastore. They don't plan on buying the building. Therefore not paying off the $12 million in debt.

Ericson group wants to buy it and a large portion of Mud Island.

"I'm going to go straight to the financial people to go straight to the bottom line and that's where I am going to start and work back from there," county mayor AC Wharton said.
 
Wharton has not seen the proposal but is approaching all of it with an open mind.

"Right now I want to see what's on the table and then I'll make my decision after I see what's on the table...but I don't know what's on the table yet," Wharton said.   
 
The chairman of the Memphis City council told me he would like to see the outdoor retailer proposal work out.

"We've been working with Bass Pro for a while and if its a good offer I would like to see it," Scott McCormick said.

There is a long way to go before any deal is finalized.

To get a tenant inside the pyramid the offer will have to be approved by the city council, the county commission and Mayors A.C. Wharton and Willie Herenton.


Click here to e-mail Andrew Douglas.

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