From Deseret News archives:
LDS Church eyeing Triad Center
S.L. Council to mull plan tonight that would facilitate buy
Already The Church of Jesus Christ of Latter-day Saints through various business interests owns a good portion of Block 84 where the Triad Center sits. Now the church's Corporation of the Presiding Bishop is asking the RDA Board, which is the City Council, to allow it to take over the RDA's nonfinancial property interest in the Devereaux House, located on the block's southern portion.
Alyn Lunceford, real estate and debt manager for the Utah State Division of Facilities Construction and Management, said the church's request comes as it is exploring whether it can buy the Triad Center block.
"They are exploring the option of purchasing the Triad block," he said. "This is not a secret deal or anything, but like everything the bishopric does, they like to keep it quiet."
The RDA's approval is necessary if the church is to snatch up the rest of Block 84 owned by the state of Utah and M&S Triad Center LP.
The state has a fairly low interest in its Block 84 real estate. The land doesn't make the state any money, but it doesn't cost any more either and there are now state offices there, Lunceford said.
"It doesn't hold a great deal of significance," he said.
On the other hand, M&S, which owns most of the Triad Center and surrounding block, is looking to sell, Lunceford said.
"It's a losing proposition for them," he said. "The building has too much vacancy."
Owning the entire block would pad the church's already hefty downtown property portfolio, which includes most of the six blocks between North and South Temple from 100 East to 400 West.
RDA Board Chairman Eric Jergensen said that as the church researched its plan to purchase Triad, it discovered a 22-year-old, nonfinancial lease the RDA had on the Devereaux House portion of the block near South Temple.
The RDA had created the Devereaux House lease in 1982 so the former property owners could use a government grant to do some historic restoration on the old building. To qualify for the grant, the RDA had to have some sort of property interest in the house, RDA executive director David Oka said.
Comments
- High school girls basketball: Top 20 1:40 a.m.
- High school swimming rankings 1:28 a.m.
- High school girls basketball rankings 1:19 a.m.
- High school boys basketball rankings 1:00 a.m.
- High school sports: Preps of the week 12:49 a.m.
- Y. volleyball beats UVU 12:46 a.m.
- Sports on the air 12:43 a.m.
- Utah Jazz: Game at a glance 12:40 a.m.
- Williams' late jumper tops Spurs 12:34 a.m.
- Revive full food tax? 12:19 a.m.
- Cougars going back to Vegas
- Utah/BYU rivalry can be more civil
- TCU to play Boise in Fiesta Bowl
- Y. profs: Beck not all-knowing
- Witness: Mitchell stalked victims
- Bring the true spirit of Christmas
- Utes excited to go to San Diego
- BYU professor remembered
- Winter weather is here to stay
- Answers for the BCS
- Y. profs: Beck not all-knowing
261 - TCU to play Boise in Fiesta Bowl
203 - Letters: Global warming a lie
156 - Cougars going back to Vegas
147 - Utah/BYU rivalry can be more civil
134 - George lost in rivalry hatefest
119 - Ed Smart 'appalled' at testimony
100 - Harpring's NBA career is over
96 - Utahns want health care reform bills
78 - Utes excited to go to San Diego
75
For the latest news in the health care debate and how it affects you...
Amazon.com, Target.com, Sears.com, Walmart.com, Kmart.com and...
When Boozer was shooting the free throws, why Sloan didn't substitute Mathew...
actions, I will be forced to be accountable for them. I refuse. I am an...
What's with the Utah fans flashing the double L sign?
@mark: So Sam da Ham... you were just making it up?" I'm a climate...
"I have no idea why BYU fans are talking smack about bowl opponents. Even if...
You say to "quit whining and play somebody." Isn't that what everyone is...
Reading these comments, I start wondering-- Whatever happened to faith? Why...
All those numbers when all you reall need to know is that BYU has beat Utah...
All thos numbers when all you reall need to know is that BYU has beat Utah...
So Sam da Ham, when you said this: "Not so. Al Gore is poised to make...



You can be the first to comment on this story.