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DDA seeks authority to buy Denver Pavilions, aims to stabilize 16th Street and resell
Summary
The Downtown Development Authority asked the committee to approve up to $45 million (with an initial acquisition target of $37 million) to buy Denver Pavilions and adjacent Brookfield parking lots to prevent lender takeover, stabilize retail and enable redevelopment. The committee advanced the measures to full council.
Denver — City staff and the Downtown Development Authority (DDA) told the Finance & Business Committee on Oct. 28 that the DDA seeks authority to acquire Denver Pavilions and two adjacent Brookfield parking lots on 16th Street to keep the two-block area under unified ownership for short-term stabilization and eventual redevelopment.
What was proposed: Bill Mosher, a mayoral projects consultant, said the property encompasses roughly 350,000 square feet with about 25 current tenants and approximately 1,000 parking spaces (200 on Brookfield lots and 800 in two underground levels beneath the Pavilions). The property was financed for about $140 million in 2016; staff said a current loan balance of about $85 million exists and the lender has not received payments since the summer. The DDA proposal calls for an acquisition price of…
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