In a large saucepan, combine the sugar and water. Heat over medium-high heat, stirring until the sugar has dissolved. Bring the mixture to a boil, then remove from heat and allow it to cool for about 5 minutes.
Transfer the sugar water to a large pitcher. Stir in the mint-flavored syrup, lemonade concentrate, and limeade concentrate until well combined.
Place the pitcher in the refrigerator and chill until the mixture is completely cooled, approximately 30 minutes.
To serve, fill glasses with ice and pour the chilled Mint Julep mixture over the ice. Garnish each glass with a lemon slice, a sprig of fresh mint, and a maraschino cherry.