MEMPHIS -- To the delight of outdoorsmen, tourist officials and local politicians, the Memphis landmark known as the Pyramid opened Wednesday as the newest location for Bass Pro Shops.
The 32-story structure, with its sleek, angular exterior and prime location along the Mississippi River, had sat largely unused for 11 years. Its last basketball games and concerts were in 2004.
The outdoor goods retailer has converted the building into a new tourist attraction. Aside from the tens of thousands of hunting, fishing and boating items for sale, visitors can walk through a man-made cypress swamp, go bowling or shoot arrows at the archery range. A 105-room hotel designed like a hunting lodge has balconies overlooking the indoor swamp. There are also live ducks, alligators and fish.
An observatory at the top offers views of Memphis' downtown and the wide river.
Tourism officials believe the site could attract 2 million people a year and generate much-needed economic activity if travelers put it in the same league as other Memphis destinations such as Graceland, Stax Records, Sun Studio and the National Civil Rights Museum. And city leaders hope a $100 million investment in the project will turn the neighborhood known as the Pinch into a thriving commercial area.
"The Pyramid over the last couple of decades has become our iconic symbol for the downtown skyline -- it's to Memphis what the [Gateway] Arch is to St. Louis," said Kevin Kane, president and chief executive of the Memphis Convention and Visitors Bureau. "With an opportunity like this, it will become an attraction that will bring millions of people to its doorstep."
Opened in 1991, the Pyramid lost its luster when the Memphis Grizzlies of the NBA and the University of Memphis Tigers basketball team left for the new FedExForum, located on Beale Street. Before then, it hosted Southeastern Conference and NCAA tournament games, and was a concert stop for Billy Joel, the Rolling Stones and the Grateful Dead.
Bass Pro and the city agreed on a 55-year lease in 2010. Construction to convert the 535,000-square-foot building from arena to megastore began four years ago. About 700 people worked on construction. Another 600 people have been hired as Bass Pro employees.
Bass Pro's only Arkansas location, a 104,000-square-foot store, opened in November 2013 at the Gateway Town Center in Little Rock.
The makeover in Memphis touched every part of the Pyramid's interior. The cypress swamp covers most of the ground floor. Moss dangles from fake trees, and the watery bog is dotted with stuffed wild pigs and other animals.
Surrounding the swamp are various retail sections with hand-painted wall murals of outdoor scenes. The fishing section contains about 30,000 items. The 13-lane bowling alley has a water motif with fish dangling from the ceiling and ball returns shaped like alligator mouths. There's also an interactive duck hunting game.
An elevator takes visitors up to the Cat House Sky Club, a restaurant and bar with an observation deck providing panoramic views of the river and city.
Rooms at the Big Cypress Lodge were inspired by hunting camps. They have a rustic feel, with dark wood trim and private porches with rocking chairs.
But there are also modern amenities including flat-screen TVs, electric fireplaces and room service, according to hotel manager Lana McDonald. The hotel also has a fitness center and spa.
McDonald estimated in early April that the low-end price for a regular room will start around $259, depending on demand and availability.
David Hagel, general manager of the Bass Pro Shops Pyramid, did not disclose expected sale figures or how much the private company spent on construction. But he did describe it as the company's largest financial endeavor outside of its Springfield, Mo., location.
"If you can't be happy to see something like this, then you don't have a pulse," he said. "We're more than retail."
In a 2011 report, real estate consultant RKG Associates estimated that a 300,000-square-foot retail space would generate $350 in sales per square foot, or $105 million per year.
City officials hope the new Pyramid generates a large economic impact to justify what The Commercial Appeal newspaper says is a $102 million investment in the project. The neighborhood near the Pyramid, already home to St. Jude Children's Research Hospital, stands to benefit from the Pyramid's reincarnation.
"When the Pyramid closed, it had a major impact on restaurants and nightclubs in that area," Kane said. "With the revival of the Pyramid into the new Bass Pro, you will see that the market will naturally begin to fill in those areas that were shuttered."
Business on 04/30/2015