[Johnny Ryall]

Bass Pro officials to examine Pyramid infrastructure
By Amos Maki

Officials with Bass Pro Shops set up at two small tables in the middle of the Pyramid floor while they continue due diligence work on the structure of the facility.

Officials with Bass Pro Shops are in town for the next two days to continue due diligence work on The Pyramid. Bass Pro is still moving forward with plans to transform the empty arena into a combination retail space and conservation exhibit, but officials with the Springfield, MO.,-based retailer, who have previously voiced concerns over seismic issues and the structural integrity of the building, want a closer look at the flood wall behind the facility. “They are continuing their due diligence,” said Robert Lipscomb, director of Housing and Community Development and point man for major city redevelopment projects. Lipscomb is still confident that Bass Pro will do the Pyramid project and said the company is exploring every possible issue before investing the money necessary to turn the property into a $100 million destination retail center that would draw crowds from across the Mid-South.

Anecdotal evidence suggests privately-owned Bass Pro is still very interested in the project. Bass Pro Shops president Jim Hagale gave City Council members an update on the project in October, saying he hoped negotiations and due diligence could be wrapped up in the next 30 to 60 days. "The sooner the better as far as we are concerned,’ Hagale said. In addition, Bass Pro Shops founder Johnny Morris, who turned the company from a back-room operation at his father’s liquor store into a retail giant with over $1.5 billion in annual sales, has been very engaged with the project, visiting Memphis four or five times in the last six months.

During the October update, Bass Pro officials told the city an additional investment of nearly $20 million - to be paid with federal funds and grants - would be required to bring the building up to code and meet seismic requirements. Last November, the City Council and Shelby County Commission gave Bass Pro 12 months to finish planning and gathering the necessary permits before signing a long-term lease on The Pyramid. Bass Pro agreed to make monthly payments of $35,000 and to pay a $500,000 penalty if it pulled out of the deal. Bass Pro has been making those payments and spending more money on architects and planners, another sign, Lipscomb said, that the retailer is still serious about the project. “They have been spending serious money,” Lipscomb said. “Why would they continue to do that if they weren’t interested?”