Memphis Mayor A C Wharton and Bass Pro Shops signed an agreement Wednesday for a 20-year lease on The Pyramid that they hope will transform the north end of downtown from the river to St. Jude Children’s Research Hospital.
Wharton noted that Time magazine called Bass Pro “the hottest store in retailing.” Time, which was the hottest thing in publishing 50 years ago, made the statement in October of 2005.
The agreement will go to the Memphis City Council on July 27th. The tentative opening date is November, 2011, but Bass Pro representative Jim Hagale said that could change if a seismic retrofit of The Pyramid takes longer than expected.
The city will retain ownership of The Pyramid, which opened in 1991, and receive $1 million a year in rent or two percent of annual gross sales, whichever is greater. The city will pay $30 million in construction costs, which it plans to get from a state rebate of taxes collected in a Tourism Development Zone.
