Bass Pro, Memphis sign long-term deal for Pyramid
Associated Press - June 30, 2010 4:36 PM ET
MEMPHIS, Tenn. (AP) - Bass Pro Shops and Memphis have signed a 55-year lease to turn The Pyramid into a $100 million center for restaurants, shops and offices.
The Commercial Appeal reports the lease calls for a 20-year term with seven renewal periods of 5 years each.
The Springfield, Mo.-based retailer of outdoor sports products will pay the city rent of 2% of gross annual sales - or $880,000 during the first year and $1 million in subsequent years - whichever is greater.
The lease calls for $30 million from the city for construction.
Opened in 1991, the 32-story Pyramid, was used for concerts and sporting events, mainly basketball, but lost its main tenants in 2004 when the FedExForum was built.
The planned opening is November 2011.
Information from: The Commercial Appeal: http://www.commercialappeal.com