Mormon Church buys 3.7 acres in downtown Salt Lake City

SALT LAKE CITY — SLH NET, a subsidiary of Salt Lake-based restaurant chain Gastronomy, has sold 3.76 acres of land at the northwest corner of 400 West and North Temple to Property Reserve Inc., a subsidiary of The Church of Jesus Christ of Latter-day Saints.

Financial terms were not disclosed.

The land was purchased as a long-term investment with no immediate plans for development, according to a church-issued statement.

Last week, the church purchased 13 acres of prime downtown Salt Lake real estate from The Sinclair Cos., formerly known as Sinclair Oil Corp., the hotel and oil corporation owned by Utah billionaire Earl Holding. The property is located on two city blocks between 400 South and 500 South and between West Temple and the Matheson Courthouse.