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DDA to seek council approval to buy Denver Pavilions, request up to $45 million hold authorization
Summary
The Downtown Development Authority told the mayor and council it has an agreement to buy Denver Pavilions for $37,000,000 and will ask the City Council to authorize up to $45,000,000 to hold and stabilize the property pending redevelopment, citing loan stress and a plan to package two adjacent Brookfield lots for mixed-use development.
The Downtown Development Authority told the mayor and council it has reached agreement to acquire Denver Pavilions for $37,000,000 and will ask the council to authorize up to $45,000,000 to support a short- to mid-term hold and necessary repairs.
Bill Mosier, the city’s chief projects officer leading DDA work, said the transaction is based on the lender’s book value after lender nonpayments and an outstanding loan of about $85,000,000. "We are buying it for the bank's book value," Mosier said. He said the extra authorization to $45,000,000 would allow for a holding period, leasehold improvements and deferred-maintenance work if needed.
Mosier described Pavilions as about 350,000 square feet of retail with roughly 25 tenants and reported leasing figures of about 60–68…
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