LDS Church to turn Triad into an education center
Purchase finalized; still no news on mall renovations
Meanwhile, a church official said Tuesday there was nothing new to report on the remaining components — including the much-anticipated downtown mall renovation — but that "work continues" in the planning stages of the project.
The Triad Center purchase, announced Tuesday at the Devereaux House, which is part of the Triad campus, includes the three Triad Center office buildings, which will be renovated and refitted to house the LDS Business College and the Salt Lake extension campus of Brigham Young University. The church bought the property from M&S Triad Center, a California real estate investment trust.
In addition to the office complex, the deal includes two parking structures and the transfer of long-term subleases from the state for about three acres of property that includes the Devereaux House and Carriage Cafe. In total, the purchase includes about 10 acres of property and land. The financial terms were not disclosed.
H. David Burton, presiding bishop of The Church of Jesus Christ of Latter-day Saints, said Tuesday that using existing buildings will allow the church to proceed immediately with the education portion of its redevelopment project. Burton predicted that the design phase will be completed later this year, with renovation beginning in 2005 for a 2006 completion target.
Purchasing existing buildings, rather than building new ones, will be cost-effective for the church, Burton said. It also provides and preserves flexibility for the church in how it wants to use Block 85, as well as the rest of the Triad Center block.
About 5,000 students are expected to attend the two schools initially. The church has no immediate plans for the current LDS Business College site on South Temple.
The church's purchase did not include the building that houses KSL-TV and KSL Newsradio 1160, which are owned by Bonneville International Corp., a church-affiliated business. It also did not include a surface parking lot on the southwest corner of 400 West and South Temple, which is owned by Property Reserve Inc., the church's commercial real estate arm.
While the education component of the church's downtown plan leaped ahead, the retail and residential portion — including the renovation of the two Main Street malls — remains unchanged. Burton said Tuesday that he understands that "there is much anticipation in the community for what the church will do with the property that it owns and controls along South Temple and Main Street." But, he said, there is no new information available.
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