Education Facilities Will Relocate Downtown
The First Presidency of The Church of Jesus Christ of Latter-day Saints announced today that the Church will complete tomorrow its purchase of the Triad Center, a mixed-use office and retail complex in downtown Salt Lake City, from M & S Triad Center L. P. of California.
The First Presidency indicated that some of the Triad buildings will be used to house educational facilities downtown, a move that was announced last October.
Buying existing buildings will allow the Church to go forward immediately with its development of downtown facilities to house LDS Business College and the Salt Lake extension center of Brigham Young University. Also, the costs of modifying existing structures will be materially less than constructing new buildings. Barring any unforeseen delays, the educational institutions could occupy Triad locations as early as fall 2006.
Constructed in 1984, the Triad Center property contains multiple buildings in a campus environment developed on a full city block bounded by North Temple Street, South Temple Street, 300 West and 400 West. Overall, the site covers 10 acres.
The purchase includes three office towers (3 Triad Center, 4 Triad Center, 5 Triad Center) and two parking structures on the north and west sides of the block. The transaction also includes transfer of long-term subleases from the State of Utah for approximately 3 acres of the block that include the Devereaux House.
Portions of the block not included in the sale are a building owned by Bonneville International Corporation, a Church-affiliated business, and a surface parking lot on the southwest corner of 400 West and South Temple owned by Property Reserve, Inc., a commercial real estate company affiliated with the Church.