Overview
- Mayor Mike Johnston and Downtown Development Authority leaders announced the proposal, and the DDA board approved the agreement on Tuesday.
- The Denver City Council retains final authority on the transaction, which officials say could close by year’s end if approved.
- City officials said current tenants would remain as the DDA earmarks an additional $8 million for improvements, leasing and planning.
- The property, owned by Gart Properties, faced a loan maturity this summer after its value declined from about $140 million a decade ago.
- The DDA, funded by a special downtown tax expanded last year, also purchased adjacent parking lots for $23 million to support future redevelopment.