LDS Church eyeing Triad Center

The LDS Church's potential bid to purchase the Triad Center and its surrounding grounds hits City Hall tonight as the Salt Lake City Council considers a move that would help facilitate the 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.

Lunceford said the church hasn't approached him with any deal to purchase portions of the block — set between 300 and 400 West and South and North Temple streets — from the state. Instead, Lunceford said, the church is clearing any hurdles that might derail a potential purchase if a deal can be put together.

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.