The Denver Pavilions open-air mall would be purchased by a special city taxing district charged with helping revive downtown under a $37 million deal announced Tuesday by city leaders.
The property, which opened in 1998 on two blocks along the 16th Street mall and was valued at $140 million a decade ago, had a major loan set to come due in July as downtown’s retail market has struggled.
The proposed acquisition of the property, which is owned by Gart Properties, was announced at an afternoon news conference at 16th and Glenarm Place attended by Mayor Mike Johnston, Downtown Development Authority board chair Doug Tisdale and City Council President Amanda Sandoval.
“This allows us to be specific about the user experience on this site,” Johnston said of the impact of the district’s ownership.
Officials said they hoped to step in before the mall’s buildings could deteriorate, and they said the larger site — which includes two surface parking lots toward 15th Street — offers redevelopment potential for condos, other housing or a hotel. But the mall will keep its current tenants, which include Maggiano’s Little Italy, a Regal movie theater, an H&M store and a Lucky Strike bowling alley.
Read this full story on The Denver Post's website.
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