The Memphsi Pyramid...A waste or a goldmine?

The Memphis Pyramid….A waste or a goldmine? With all the political turmoil that is surrounding the city of Memphis, the boost of revenue should not be one of them. In 1989 the development of the Memphis Pyramid took place. Many politicians had their doubts on what the Pyramid could do for Memphis, but the production continued to take place. Since Memphis had a negative reputation ever since the assassination of Martin Luther King Jr., politicians assumed that the creation of a landmark would become the voice of Memphis, and give something for tourist to look forward to on their visits to Memphis. The Pyramid was suppose to have a host of amenities and attractions including, a glass inclinator leading to an observation deck, Dick Clark’s American Music Awards Hall of Fame, a Stax Recording studio reproduction, the Grammy Awards Hall of Fame, the College Football Hall of Fame, Rakapolis Egyptian theme park on Mud Island (another failed project), a Hard Rock Café, Omnimax Theater, Island Earth Ecopark, and a shortwarve radio station broadcasting Memphis music internationally 24 hours a day 7 days a week ( D. Duncan, 2007). The Memphis Pyramid was supposed to be a place that concerts and expo’s could be held, instead of utilizing the Mid-South Coliseum. Since the Pyramid was a 32 story, 80 acre complex that could seat 20,142 thousand people that seemed like a wonderful idea….right? Wrong! The Memphis Pyramid opened in 1991. The first event to grace the stage of the Pyramid was the Judd Concert. Opening night the toilets overflowed in the complex, the food at the concession stands was nasty, the sound system for that concert, and all future concerts was so bad, that the City of Memphis sued the contractor for faulty acoustical design (D. Duncan, 2007). The promised amenities and attractions were not brought to the Pyramid. Over a few years the Pyramid was only used for sporting events, and become home to University of Memphis men’s basketball program, and the Memphis Grizzlies. But with the horrible acoustics, bad lighting, and poor seating this soon failed. In 2003, the build of the FED-Ex Forum was underway. The FED-Ex Forum would become the new home for the University of Memphis men’s basketball, and the Memphis Grizzlies. The sound system, seating, concession, and all other amenities that were promised to be delivered with this building were carried out. This blew the pyramid out of the water. Once the FED-EX Forum opened, the Memphis Pyramid closed. $30 million dollars down the DRAIN!!! What should be done to rectify this problem? The building has been sitting in limbo for the past 6 years. Churches, organizations, and outside agencies have made bids on purchasing the building, but nobody has successfully carried out the deal. In 2009, Shelby should its share of stock that they had in the building in 2009. There has been talk about opening a casino, an aquarium, and even a branch of the Smithsonian Institute. Currently Bass Pro shop is renting the Pyramid with plans of opening a Mega Store. Bass Pro Shop has been a prosperous sporting goods store since 1974, originating in Springfield Missouri by Johnny Morris who set across the country to find tackle, and brought it back to his father’s corner store to sell, so that others would not have the same trouble looking for fishing supplies as he did. Bass Pro is now one of the largest sporting good stores in the United States, brining in $2.65 billion in 2009, and ranking # 138 on Forbes list for largest private companies (J. O’Donnell, 2009). This could be wonderful for Memphis. Not only would that eventually resolved the debt from the build of the Pyramid, but it would also assist with a boost in jobs for Memphis, as well as help boost the revenue in the Mid-South area. I think the development of a Bass Pro Shop Mega Store in the Memphis Pyramid would be a great idea for the already failed building. People will travel from surrounding states to make purchases from this location, or place large orders to be shipped to them. This will create jobs for the city, and eventually rectify the debt from the construction of the building. Bass Pro Shop is currently paying $35,000 a month, showing commitment in bringing the Mega Store to the Pyramid however, they have not made plans to purchase the building, as of yet, but hopefully once they get in there, and business gets booming the plan will change.