Denver tax district plans to buy Denver Pavilions development downtown

The Denver Pavilions open-air mall is set to undergo a transformation with the announcement of a $37 million deal that will see it purchased by a special city taxing district. This move is aimed at revitalizing downtown Denver, where the property is located.

Owned by Gart Properties, the Pavilions opened in 1998 and spans two blocks along the 16th Street mall. The property, valued at $140 million a decade ago, has faced challenges in the current retail market. The acquisition of the mall by the city’s Downtown Development Authority is part of a long-term plan to redevelop the site into a mixed-use space.

Mayor Mike Johnston, Downtown Development Authority board chair Doug Tisdale, and City Council President Amanda Sandoval made the announcement at a news conference, emphasizing the importance of enhancing the user experience in the area. The goal is to preserve the mall’s current tenants while exploring options for future development, such as condos, housing, or a hotel.

The deal, subject to approval by the City Council, includes provisions for property improvements and redevelopment planning. The Downtown Development Authority’s involvement allows for funding without impacting the city’s general fund or taxpayers.

With 73% of the Pavilions’ spaces leased as of March, the authority’s plans for the site align with recent efforts to support downtown projects. The authority aims to create redevelopment plans for public review and solicit bids from developers for the project.

This evolving story highlights the ongoing efforts to revitalize downtown Denver and create a vibrant urban environment for residents and visitors.