Reimagined Denver Pavilions envisions site as new public square

The big picture: The proposal comes from a Denver Downtown Development Authority-backed study presented Friday and informed by an Urban Land Institute (ULI) advisory group.

State of play: The recommendation calls for turning three of the four existing buildings into a new public plaza, surrounded by retail and residential towers with 1,200 housing units.

By the numbers: Estimated redevelopment costs could soar to $615 million. Bill Mosher, Denver's chief projects officer, said the plan would largely be privately developed.

• A public-private partnership could also be in play, including to preserve the existing theater, said Nolan Marshall III, CEO of LA-based The Social District, who served as the ULI group's leader.

Catch up quick: The Downtown Development Authority purchased the Denver Pavilions and two adjacent parking lots last year for $37 million.

• The Downtown Development Authority worked with volunteers from the ULI, a real-estate-focused nonprofit, to draft the recommendations, made by the 10-member ULI advisory group.

Between the lines: The existing theater is viewed as a key asset, with at least one speaker noting it could play a role in future Sundance Film Festival programming.

What they're saying: Mayor Mike Johnston called the plan a "monumental opportunity" for Denver.

• Ultimately, it will be up to the city and the public to determine forward momentum, Marshall said, including renaming the site.