The Denver City Council on Tuesday postponed consideration of the purchase of the former Denver Post headquarters for $88.5 million, citing cost concerns and a need for more information.

The matter will be back in front of the council on Jan. 16.

Some council members said at a meeting Tuesday that they had not received a purchase plan in time, prompting the postponement of a vote.

The building last sold for $93.4 million in 2006, according to real estate records.

The property at 101 W. Colfax currently has an assessed value of approximately $23 million and an actual value of around $82.8 million, according to the Denver Assessor’s Office.

Purchasing the property outright will provide additional office and court space to support judicial needs based upon a 2020 courts master plan and allow for new city services in the future, city officials said.

The city’s plan is to expand and acquire dedicated spaces for district, county, probate and juvenile courts. The city began leasing space from the owner of the Denver Post back in 2016 and currently occupies 50 percent of the 101 W. Colfax building with a budgeted lease payment of approximately $5 million annually.

The plan details the combined courts’ need for an additional approximately 220,000 square feet by 2030 and 280,000 square feet by 2040. These figures are established by the state of Colorado for judgeships and court staffing, as well as changes to cases being sent down to county courts.

The Denver Post is still obligated to pay at least $7.8 million for the remainder of its lease, which expires in 2029, according to Denver Director of Real Estate Lisa Lumley.

“It’s almost a lease to own kind of thing,” Lumley told council members.

“While I understand the need for it, I don’t understand the urgency,” District 8 Councilmember Shontel Lewis said during Tuesday’s meeting.

District 10 Councilmember Chris Hinds said the city would essentially be paying itself for the next seven and a half years before making a final payment.

District 7 Councilmember Flor Alvidrez said the city could get a better price on it in the future.

“I can’t wrap my head around why this would be a smart thing for the city,” Alvidrez said.

“This is definitely not the right timing,” District 5 Councilmember Amanda Sawyer added.

The building opened as the joint headquarters of the Denver Post and Rocky Mountain News before the Rocky Mountain News was closed in 2009. In 2018, the Denver Post moved its newsroom and other operations out of the building to its printing plant in Adams County.