The Denver Pavilions, a multi-level open air mall on 16th Street, is going to be purchased by the Downtown Development Authority (DDA) for $37 million. Which is a deal, considering the property was valued at $140 million 10 years ago, before five years of COVID and the renovation of the 16th Street Mall, now called just 16th Street, took place. Gart Properties, which is selling the property, had a $85 million loan to pay off on it this past July, and so is evidently taking a bath on the sale. Now that the 16th Street renovation is finished, the DDA plans to hire an "international retail specialist" to revive the mall, which currently has a 41% vacancy rate. For years, the Denver Pavilions was quite the success, and the iconic "Denver" sign, part of which can be seen in the photograph above, was often used in tourist brochures to lure visitors to Denver, including my friend Ana Silvia, who learned about the Pavilions when she was living in Honduras. I myself like that outdoor shopping center, which has a nice first level filled with flowers and lots of room for outdoor patios and bars. I really think it will return to its former glory over time. And if not, the DDA can unload it to someone else, for, say, $5 million. I think that's what they call high finance.
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