September 25 - Graceland Abandons 6,200-seat Arena Plan

EPE have abandoned their new proposal for their new 6,200-seat Arena due to objections from the Memphis Grizzlies. “At the time that we started this discussion I made sure everyone was aware of the fact that the Memphis Grizzlies in their use agreement for the FedExForum have a noncompete and non-participation agreement. The Grizzlies have raised an objection and in order to be good corporate citizens of Memphis my client has agreed to alter the proposal,” attorney James McLaren told the Economic Development Growth Engine of Memphis and Shelby County.

Graceland has used public incentives over the past three years to build a luxury hotel and a new visitor attraction, Elvis Presley’s Memphis. It recently asked the EDGE board to sweeten one of its incentives to cover the addition of a 50,000 to 75,000 square foot events center at a cost of $40 million to $50 million.

A lawyer for EPE told economic development officials that the new EPE plan is for a multipurpose facility with no permanent seating, limited to 3,500 spectators and events produced by Graceland and affiliates. The center could provide a larger space for the kind of entertainment productions that EPE has in the pipeline.

(Source: Elvis Information Network)