LDS Church buys 13 prime downtown acres

(Salt Lake Tribune) In an abrupt about-face, the LDS Church has vastly expanded its presence in downtown Salt Lake City with the purchase of 13 acres of prime real estate, including one entire city block.

The church, which is active in real-estate development, purchased a 10-acre block between 400 South and 500 South and West Temple and Main streets from the Sinclair Cos., controlled by oil magnate Earl Holding. The block is directly north of the Little America Hotel, which is owned by Holding.

The church also purchased a 2- to 3-acre parcel to the east of that 10-acre block across Main Street, said Sinclair spokesman Clint Ensign, who declined further comment. That parcel is directly north of the Grand America hotel, which also is owned by Holding.

LDS Church spokesman Scott Trotter confirmed the purchase by the church's Property Reserve Inc.

"The land was purchased as a long-term investment with no immediate plans for development," he said in a statement. Purchase price was not disclosed, although various estimates value the deal at around $25 million.

The purchase, announced Thursday, runs counter to the church's statements over the years that it does not want to keep expanding its downtown real-estate empire, which already consists of the equivalent of more than six city blocks.

Original Article