The City of Denver approved a $37 million purchase of the Denver Pavilions, an open-air mall off 16th Street, by the Downtown Development Authority.
"Many of us have memories of the Denver Pavilions, whether it was your high school prom dinner, whether it was a first date at the movies, whether it was a great family dinner."An independent agency with oversight by the City of Denver, the DDA relies on bonds and tax increment financing to fund developments around Union Station and 16th Street.
“Many of us have memories of the Denver Pavilions, whether it was your high school prom dinner, whether it was a first date at the movies, whether it was a great family dinner,”said during an announcement of the deal on Tuesday, September 30. “This has been an incredibly important part of Denver for many, many years. Our dream is that it remains a critical icon in the city for another forty years.” The DDA was first created in 2008 to support the revitalization of Union Station with bonds. The bonds are repaid through a system called Tax Increment Financing , where the development-driven increases to property taxes are pooled. Property tax rates stay the same, but any increases in property tax revenue generated by the rising property values are collected by the DDA to repay bonds.The Denver DDA only funds improvements within boundaries from the McNichols Building and Civic Center Park, down to Union Station, west to Speer Boulevard, and east toto renew the DDA and allow it to issue $570 million in bonds to fund projects that improve downtown long-term. In August, the city announced thatfor $23 million from developer Brookfield Properties. Johnston said that no one has ever owned both the Pavilions and the parking lots. Johnston explained that the $37 million will come from “the mutual commitment of the businesses who support the tax base here” in downtown Denver. Doug Tisdale, the chair of the DDA board, called it “a phenomenal deal. According to Tisdale, the DDA will hire an “international retail specialist” to help with “the renaissance of the Pavilions,” which currently has a 41 percent vacancy rate among its storefronts. According to Johnston, the Pavilions was valued ten years ago at $140 million, but the DDA got “a great deal for Denverites” by buying it for $37 million from Gart Properties after five years of decline in the wake of the COVID-19 pandemic and construction on 16th Street, which will celebrate its full reopening on Saturday, October 4.“The Pavilions has had five years of COVID, construction and closures,” the mayor said. “The Pavilions took a hard part of the brunt of those five years of construction on 16th.”he doesn’t know if the company paid off the loan. He noted that “our $37 million will probably go towards the $85 million, and that’ll be the end of it.” Mosher said during the press conference that the sale of Pavilions is expected to be finalized by the end of the year. He said that Gart Properties submitted an application “asking for the community to step in” and save the Pavilions. Most people who grew up in the metro area after the Pavilions opened in 1998 likely have fond memories of the theater, busker Robo Mike and long-gone businesses like Hard Rock Cafe. The mall is a shell of its former self despite stores that have held out, like the United Artists cinema and Coyote Ugly. The Glenarm Plaza in the middle of the Pavilions began allowing outdoor alcoholic consumption in August to boost interest. According to Denver City Council President Amanda Sandoval, the city will build around “anchor tenants” like Maggiano’s, the United Artists cinema and H&M.looming over the 2026 budget, which led to layoffs and cuts to city department budgets. Johnston said “the most important thing to know” about the deal is that it won’t impact the city’s budget. “This is an investment made by the , it’s not made by the City of Denver,” Johnston clarified. “It’s not by our general fund. It’s not made by capital funds. No part of these dollars could be used to support a city employee, to pay for a city program.” Johnston’s press conference was held at the Pavilions. A handful of pedestrians on 16th Street stopped to listen, including Matthew Hogue, who works on 16th Street and lives next to Park Hill Golf Course. He believes “16th Street is coming back,” but says what matters for him is that the city follows through on big projects. “If you’re going to do it, have a plan, execute the plan, stick to it. You shouldn’t have to ask for any more money or resources from taxpayers,” he says. “It should be something planned out and ready to go.“and the online Tucson Sentinel. He’s received awards from the Arizona Press Club, including first place for Spanish-language feature reporting and second place for social issues reporting. Bennito was a member of the Report for America Corps and is a graduate of the University of Missouri – Columbia. If you value independent journalism, please consider making a contribution to support our continued coverage of essential stories and to investigate issues that matter.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gov. Pritzker and Chicago Mayor Johnson respond after federal agents spotted downtownGov. JB Pritzker and Mayor Brandon Johnson comment on reports of armed federal agents spotted on Michigan Avenue in downtown Chicago on Sunday.
Read more »
Thousands without internet in Denver area, Xfinity map showsThe exact number of people experiencing internet interruptions was unknown Sunday, but Xfinity’s outage map showed multiple outages affecting thousands of Denver residents.
Read more »
Governor JB Pritzker to speak after federal agents detain people in downtown ChicagoGovernor JB Pritzker is expected to respond Monday to the latest federal immigration enforcement in Illinois.
Read more »
Trump vows Border Patrol agents 'will take no nonsense' as feds march into downtown ChicagoToday's Video Headlines 09/28/25
Read more »
Downtown tax district plans to buy Denver Pavilions mall under dealThe Denver Pavilions open-air mall would be purchased by a special city taxing district charged with helping revive downtown under a deal announced Tuesday by city leaders.
Read more »
Downtown tax district plans to buy Denver Pavilions mall under $37M dealThe 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.
Read more »