SALT LAKE CITY — Property Reserve, Inc. (PRI), the real estate investment arm of The Church of Jesus Christ of Latter-day Saints, has closed on its purchase of the Crossroads Plaza shopping mall in downtown Salt Lake City.

“Closing on this acquisition represents a critical step forward in our plans to redevelop both the ZCMI and Crossroads malls,” said Presiding Bishop H. David Burton. “Our purchase of the Crossroads Plaza demonstrates our long-term commitment to ensuring that Main Street remains the heart of a vibrant downtown.”

As previously announced, PRI has engaged AEW Capital Management and The Taubman Company to apply their world-class expertise to the redevelopment of the two downtown malls. AEW and Taubman have made significant progress in their planning effort and expect to make their plans public in the near future.

“We’re pleased with the progress of our planning with these top-flight consultants as members of our team,” added Bishop Burton. “Our goal is to redevelop these two properties in concert with long-established city master plans and policies to support existing businesses on Main Street and encourage new investment as well.”