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Page 24 — Retail Properties Quarterly — May 2017
March, Denver City Council approved a
$4 million incentive to support bring-
ing Target to the center city for the first
time. Acclaimed international retailer
Sephora also recently signed a lease
to open a nearly 6,000-sf store on the
mall later this summer.
“Downtown Denver is on a roll and
people are paying attention,” said
Tami Door, president and CEO of the
Downtown Denver Partnership. “By
choosing the 16th Street Mall as a
new location for popular brands, we
are sending a clear message that it is
a place where national retailers can
be successful.”
The selection of 16th and California
as a potential location for Target also
fulfills a Downtown Area Plan goal
that specifically highlights the inter-
section as a key retail location down-
town, in addition to the importance
of other retail clusters including Den-
ver Union Station and Larimer Street.
As of the end of 2016, the overall
retail vacancy rate for downtown was
4.4 percent, with an average lease
rate of $23.32 per sf.
Leading several of the recent retail
successes on the mall is Gart Proper-
ties, whose Denver Pavilions location
is home to more than 40 restaurants,
shops and entertainment venues and
several first-to-market brands includ-
ing H&M, Uniqlo and For The Win.
Gart Properties entity Sixteen Cal LLC
is working to finalize the details that
would bring Target downtown for the
first time, a goal that has been in the
works by various downtown stake-
holders for nearly 20 years.
“These recent first-to-market and
new-to-downtown retail additions
kickoff the next great chapter in the
story of downtown Denver and the
16th Street Mall,” said Mark Sidell,
president of Gart Properties. “Their
selection reflects the progress we
have all achieved in making Denver a
world-class city.”
You can’t discuss retail along the
mall without highlighting restau-
rants, which make up 44 percent of
the record $52 million in retail sales
tax generated last year. The more
than 1-mile-long mall is home to
nearly 200 retailers and restaurants,
more than 50 percent of which are
local or local chains. More than 40
sidewalk cafés make the mall a
popular outdoor dining destination,
which has seen recent additions
including Tavern Hospitality Group’s
Otra Vez Cantina, a new Colorado-
focused concept in Burnt Barrel
and several popular regional brands
including Modern Market and The
Kitchen. This summer, the mall is
slated to serve as the front door of
the Skyline Beer Garden, which will
feature craft brews, cocktails and
new dining options for Skyline Park
during the summer months.
“Recent additions to downtown
Denver’s retail mix show that the cen-
ter city is top of mind for key national
retailers whose products and services
meet the needs of downtown’s grow-
ing residential and employee popula-
tion, and we expect this trend to con-
tinue,” said Door.
Continued advancement of the
retail recruitment strategy for the
mall is bolstered by recent retail suc-
cess that highlights the overall attrac-
tiveness of downtown Denver as a
place where people want to live and
work, and a desirable location for new
and expanded retail opportunities. s
Denver Highlight
Denver Pavilions
International retailer Sephora recently signed a lease to open a nearly 6,000-square-foot store on the mall later this summer.