The Downtown Redevelopment Authority this week approved a loan of $3.3 million to the developers of the Houston Pavilions. But the mall’s developers likely won’t need to pay it back. According to a 2006 agreement that included a promised $14.3 million of TIRZ reimbursements and grants for the sleepy downtown redevelopment project, the developers would only receive the last $3.3 million payment once the retail portion of the project was 70 percent leased. At the moment — thanks in part to efforts by management earlier this year to prevent Books-A-Million from closing up shop there — the retail spaces are 62 percent full. Not a problem: The interest-only loan will tide the developers over until they can get their numbers up. Also coming to Houston Pavilions, as part of the deal: new outdoor eating areas and an HPD “special operations” storefront. [Houston Chronicle; previously on Swamplot] Photo: Flickr user Scott DeW
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