$281 Million For A Freshwater Aquarium And Downtown Cultural Center!!

$281 Million For A Freshwater Aquarium And Downtown Cultural Center!!

 

Talk about an ambitious plan, this one takes the cake. Here are the details in a well presented and concise exhibit. The major elements of the proposed plan are as shown below.

  • Close Monroe between Front Street and Riverside Drive.
  • Create a new cultural center bounded by Union Avenue on the south, Front Street on the east, Riverside drive on west and the Cossitt Library on the north. This cultural center may become the relocation building for the Brooks Museum.
  • Build a pedestrian bridge going across Wolf River to Mud Island.
  • On Mud Island build a new 250 foot tall fresh water aquarium.
  • Upgrade the mosquito infested Mud Island Amphitheatre to something better suited to the outdoor concert business.

I must say I am impressed with the whole concept and plan. The Mud Island investment has been a failure as it never developed continuing attractions to draw people to come. It should have had bars and restaurants along the west side overlooking the river. I believe this was never done because it was opposed by the Beale Street interests. Also access to the island was limited to the north entrance.

Now as to the Brooks Museum. This is not mentioned in the plan but the CA article of October 18th said that this was a possibility. The Brooks Museum has a fine collection of art and much of it cannot be displayed as they do not have the space. Also there is a possibility this cultural center being the site for the William Eggleston collection, a world famous collection of photographs.

Now as to paying for this plan! The exhibit shows the cost and how it would be financed. Excluding the Pinch District Development and the Convention Center Renovation, the document projects a cost of $282 million.

  • Aquarium Museum $121 Million
  • River Park & Pedestrian Bridge $35 million
  • Cultural Center and Monroe Terrace $84 million
  • Fourth Bluff and Civic Commons $21 million
  • Riverfront Improvement $20 Million

For a total of about $282 million.

Basically they claim that it would be financed with the following items.

  • $100 million paid for by increases every year in incremental sales tax revenues in the expanded TDZ zone.
  • $74 million in net new sales taxes from sales of consumer goods.
  • $30 million in new aquarium sales taxes.
  • $7.3 million in sales taxes from the cultural center attendance and purchases.

 

  • $2.3 million from hospitality contribution (convention center hotels)
  • $3.7 million from land leases

The questionable items appear to be the projected growth of TDZ sales tax revenue and the amount of private equity and philanthropy that will be pledged to the project. The other item that occurs to me is the question of philanthropy. What will Bass Pro contribute to this project as Bass Pro seems to have a great upside when we are talking about a fresh water aquarium. After all they are in the business of fishing and hunting and if you look at what they spent on their Big Cedar Lodge near Branson Missouri, they certainly have a great upside in seeing this downtown Memphis project succeed.

The real big question is what has plagued past public projects. PROJECT PRICE CREEP!! As with other public projects (think Beale Street Landing) and with the difficulty of construction on the unstable riverfront and the necessity of building in an earthquake zone) can it be done at the projected cost?

What do you think about this big idea for downtown and Mud Island?

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