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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.

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.