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+------ Thread: Pippin now in Pyramid mix (/thread-274359.html)
Pippin now in Pyramid mix - TigerDieHard - 01-15-2008 12:41 AM
Save Libertyland announces plan to let Ericson take ride
Memphian Greg Ericson has added the Zippin Pippin to his $250 million plan for redeveloping the Pyramid and Mud Island River Park.
The Save Libertyland organization, which claims ownership of the nearly 100-year-old wooden coaster, announced Monday a plan for Ericson to take over the Pippin. He would spend $1 million to relocate, renovate and operate it on Mud Island -- provided his Pyramid Harbor redevelopment plan, which includes a theme park inside The Pyramid, gets the go-ahead from Memphis and Shelby County governments.
"I think this is the best home for the Pippin, as part of an overall amusement complex, where there will be other rides nearby," said Steve Mulroy, a Save Libertyland leader and County Commissioner.
However, the plan faces two major hurdles. First, the City of Memphis also claims ownership of the coaster. Second, the city, though it is studying the Ericson plan, has made Bass Pro Shops its top priority for The Pyramid.
Springfield, Mo.-based Bass Pro faces a Jan. 31 target date to reach a binding agreement with the city and county. The company has indicated it expects to meet the target date, and Robert Lipscomb, city project manager for arena reuse, said Monday that "everything is proceeding" toward a binding development agreement by that date.
But Ericson continues to push hard for his project, which would include hotels, shopping, thrill rides in The Pyramid, and a new 15,000-seat amphitheater on Mud Island. He said he'd also like to incorporate the city-owned Grand Carousel, which, like the Pippin, has been dormant on the Mid-South Fairgrounds, its future uncertain amid the city's redevelopment of the 170-acre Midtown complex.
"Pyramid Harbor will encompass all of The Pyramid property as well as all the current Mud Island property," Ericson said. "It will consist of two major theme parks. One is going to be Pyramid Resorts, that will have The Pyramid and the theme park, shopping and hotel. And then Mud Island will be renamed Harbor Island. What we're looking at right now is finding the location on Harbor Island to relocate the Pippin."
Ericson says his plan is better for the community, in part because of its larger scope and his plan for $250 million in private investment. Bass Pro's spending may reach only $45 million, according to the terms of the latest letter of intent.
Mulroy said that even if Bass Pro is ready for a binding commitment by Jan. 31, the city and county should consider both proposals before deciding.
Ericson said he'll make a presentation on his plan to two City Council committees on Jan. 22. He said one of his partners, Orlando-based Prosperity International, will be there to outline project financing.
Lipscomb met last week with Prosperity senior director of business development Brad Fain.
"It was a good meeting," Lipscomb said. "Just part of the due diligence. As I tell people, I haven't written off anybody."
RE: Pippin now in Pyramid mix - GoTigersJoe87 - 01-15-2008 01:04 AM
screw freakin bass pro shops