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. The property will keep its current tenants, they said.
The council will have the final say on the purchase. BusinessDen reported that the agreement was approved by the DDA’s board Tuesday afternoon.
The authority oversees a voter-approved tax district that uses a portion of tax revenue generated downtown to support projects that benefit the area.
Last year, downtown-area voters approved an expansion of the district’s boundaries and gave approval for the authority to take on up to $570 million in new debt to pay for revitalization efforts.
Related Articles
Trump hasn’t targeted Denver with troops, but officials weigh plans in case of ‘federal overreach’ As Denver voters consider Vibrant Denver bond, past approved projects show “it’s not over until they’re built” Tobacco companies aid vape shops in push to repeal Denver flavored tobacco ban, outraising law’s backers Denver’s auditor lashes out at Mayor Mike Johnston over proposed budget cuts: ‘Stop interfering’ Denver composting rules to go into effect four years after voters approved themIn late July, the authority announced about $100 million in awards to support 10 projects, including office-to-housing conversions and new businesses. Among them was $23 million for the DDA to purchase surface parking lots on both sides of Glenarm at 15th Street — adjacent to the Pavilions — that have potential for redevelopment.
This is a developing story that will be updated.
Get more real estate and business news by signing up for our weekly newsletter, On the Block.
Hence then, the article about downtown tax district plans to buy denver pavilions mall under deal was published today ( ) and is available on The Denver Post ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Downtown tax district plans to buy Denver Pavilions mall under deal )
Also on site :
- Nona Biosciences Expands Integrated Discovery-to-Clinical Capabilities Through Strategic Platform Growth
- Golfer Masashi ‘Jumbo’ Ozaki dies at 78
- Russell Brand Prays on Instagram After New Charges of Rape and Sexual Assault