The Great American Pyramid was first conceived around 1954 by Mark C. Hartz, a Memphis artist. The project originally included three pyramids located on the south bluffs of Memphis overlooking the Mississippi River. The largest of the three would have been scaled at two-thirds the size of the Great Pyramid of Giza near Memphis, Egypt; the flanking structures would have been scaled at two-thirds the size of the main pyramid. The project languished for three decades until Mark's younger son, Memphian Jon Brent Hartz, resurrected the concept. Mark C. Hartz, who was well known for his architectural renderings, rendered a new bronze glass-glazed pyramid. After years of negotiations, the younger Hartz's concept was adopted by entrepreneur John Tigrett as a symbol for the city of Memphis. The groundbreaking ceremony was held on September 15, 1989, and the building was opened on November 9, 1991.

The construction of the building was managed by Sidney Shlenker, part-owner of the Denver Nuggets and several entertainment companies, whom Tigrett had brought to Memphis to develop tourist attractions in the building. Originally, there were plans for a shortwave radio station broadcasting Memphis music, an observation deck with an inclinator along the side of the building, a Hard Rock Cafe, a music museum, a College Football Hall of Fame, and a theme park on Mud Island. However, the plans were scrapped because of a fallout between Tigrett and Shlenker, and the latter's financial difficulties.

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