LDS company closes on Old Navy building

Property Reserve Inc., the real estate investment arm of The Church of Jesus Christ of Latter-day Saints, has closed on the purchase of the former Old Navy building at 100 South and Main Street in Salt Lake City.

Dale Bills, LDS Church spokesman, confirmed the completion of the purchase. Terms were not disclosed, and Bills said on Friday that there is no immediate tenant for the building.

"The intent is to use the building to provide space for tenants displaced by downtown mall redevelopment," said Bills, who was unable to share any new information regarding the development project.

Bills confirmed that the church also is continuing to investigate the feasibility of purchasing the Triad Center property on Block 84 in Salt Lake City.

The LDS Church, through its various business entities, already owns significant portions of the block. Czalifornia-based M&S Triad LP and the state of Utah own the rest.

Last Tuesday, the church received approval from the Salt Lake City Council, acting as the city's redevelopment agency, to assume the RDA's non-financial sublease on the historic Devereaux House, which rests on the southern portion of Block 84.

In order to complete the deal, the church must gain similar consent from the state, which owns the Devereaux House.