DDA looks to buy Denver Pavilions for $37M from lender

Denver’s Downtown Development Authority wants to buy the struggling Denver Pavilions mall.

The tentative deal calls for the DDA to pay $37 million to buy the property from a lender, Denver Chief Projects Officer Bill Mosher told the organization’s board Tuesday afternoon.

The mall is currently owned by Denver-based Gart Properties, but “this property will be taken over by the lender,” Mosher said.

The mall opened in 1998. Gart Properties purchased it in July 2008 alongside ING Clarion Partners for $94 million. Clarion sold its stake in June 2015 to MetLife Real Estate Investors. Ownership took out the $85 million loan from Massachusetts Mutual Life Insurance Co. at the same time, records show.

That loan came due in July but was not paid off. In March, Gart CEO Mark Sidell told Business