What gives with our most prominent riverfront landmark, the
Pyramid? After months – nay, years – of an unconsummated courtship with Bass
Pro Shop, Memphians are beginning to wonder if the facility isn’t assuming the
function of its ancient Egyptian model – i.e., becoming a tomb. Quite literally,
the hopes and ambitions of a previous generation of city/county officials are
interred there, along with not much else.
As reported recently in The Flyer (“Taking the Bait,” Fly-By,
August 2nd), city finance officer Robert Lipscomb has lately been
offering assurances to one and all that Bass Pro Shop, giant fish logo and all,
is still on the line. But there are skeptics. One such is city councilman Myron
Lowery, who quotes Lipscomb, who doubles as Memphis’ chief redevelopment
official, as counseling continued patience this way: “Myron, stay with me.
They’re coming to the city.”
Oh, really? As the Flyer‘s Mary Cashiola noted in the
above-referenced article, the giant outdoors retailer is no longer featuring
Memphis on its Web site as a “future location.”
The fact is, representatives of Bass Pro did come to the city for
additional talks within the last month, Lowery confides – with the result so far
unreported. Meanwhile, the councilman no doubt speaks for an increasing number
of his fellow citizens when he says, “I don’t think Robert did the right thing
by selecting Bass Pro and giving them open range. We should have maintained more
options.”
Some of those additional options – a branch of the Smithsonian, an aquarium
facility, a casino, a St. Jude expansion – are familiar parts of the civic
conversation. But that’s all they’ve amounted to so far – so much talk.
But now, according to Memphis lawyer John Farris, who has been involved in his
share of high-profile deals, a substantial alternative buyer may be closer than
anyone knew to acquiring the facility (and relieving Memphis and Shelby County
of $10 million in indebtedness and responsibility for half a million in annual
maintenance costs). “I actually thought over the weekend that we were close to
getting it set,” Farris said on Tuesday.
Farris said his client has no particular use in mind for The Pyramid but sees it
“a good investment” in its own right. In other words, this prospective buyer
would happily put itself into the same predicament – deciding what to do
with the giant facility — that the city and county now have been burdened with
all by themselves.
If this circumstance seems uncannily like the situation that MLGW finds itself
in with regard to its languishing Networx fiber-optics initiative – about to be
disposed of in a fire sale to a private buyer – that’s probably because there
are such analogies to be made.
Like governmental jurisdictions in the rest of the nation, the public agencies
and departments of Memphis and Shelby County are still figuring out not only how
to coexist with entrepreneurs in an age of public/private partnerships but how
to deal – with or without such private-sector associates – with issues, like
both The Pyramid and Networx, that require both short- and long-range planning.
That in either instance there are entrepreneurs who believe that there is fun
and profit to be had in these presumed White Elephants is both cause for
reassurance and reason for reproach. In both cases, what do these potential
buyers know that our local officials don’t – and possibly should have?
