The city is set to receive a minimum of $1 million in rent each year from Bass Pro Shops' new Pyramid store for the initial lease with possibilities of as much as $2.5 million in rent annually, depending on revenue from the store.
That's according to a memo sent to Mayor A C Wharton from Housing and Community Development director Robert Lipcomb on Monday. The $1 million figure sets the "floor," while the $2.5 is the estimated "ceiling" for annual rent revenue. Bass Pro has a 20-year lease with the city for the Pyramid with seven consecutive renewal periods of five years following that initial lease term.
"With the addition of the Rooftop Facility and Hotel to the rent calculation, $1.5 to $1.9 million is a very conservative working estimate for the annual rent revenue for the initial lease term of 20 years," reads the memo.
The rooftop facility and hotel will feature an exterior glass "skyride," a 10,000 square-foot rooftop restaurant and bar, and glass observation decks on the west and southern faces of the Pyramid. Construction of that project goes to bid on October 15th. Construction for the hotel and the retail store goes to bid on October 10th. Construction should be completed by August 31st, 2014, and the store is expected to open in December of that year.