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3w ago

Denver DDA Backs $37 Million Purchase of Denver Pavilions, Awaiting Council Approval

The deal would draw on voter-approved downtown district funds rather than the city’s general budget.

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Construction signs tell people that stores are still open in the Denver Pavilions during construction on the 16th Street mall in Denver on May 12, 2025. Work continues on the 16th Street Mall and city officials hope the downtown area will see a rebirth of interest in people coming back downtown. (Photo by Helen H. Richardson/The Denver Post)
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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.