SALT LAKE CITY—Continuing negotiations between the owners of the Crossroads Plaza and Property Reserve Inc., the real estate investment affiliate of The Church of Jesus Christ of Latter-day Saints, has led to the signing of a binding purchase agreement. Closing on the purchase is expected within the next few weeks.

The Church is assembling a team to plan the redevelopment of both the ZCMI and Crossroads Malls. This major redevelopment project will significantly contribute to the vitality of Main Street.