News Story

Taubman Signs Letter of Intent on Downtown Malls Project

Taubman Centers, Inc., recognized as one of the preeminent retail developers/owners/managers in the United States, has signed a letter of intent with Property Reserve, Inc., the commercial real estate arm of The Church of Jesus Christ of Latter-day Saints, to finalize an agreement for the redevelopment project the Church is planning for two downtown Salt Lake City blocks it owns.

This prospective agreement represents a significant step forward for the Church’s redevelopment efforts. Taubman and Property Reserve are jointly engaged in detailed design work for the two-block project. Plans anticipate both retail and residential development in the heart of downtown.

While the letter of intent outlines the major financial and ownership issues relating to the retail elements of this project, definitive documentation and final terms of an agreement are still being negotiated by representatives of both companies.

The scope and timing of the project are contingent upon resolving important negotiations with a number of critical third parties. Taubman and PRI are also working to conclude agreements with these other key participants in the project. Contingent negotiations must be completed before more details can be announced.

To move ahead with a project of this scale, both Taubman and PRI will work closely with the city council, the mayor’s office, city administrators, downtown employers, merchants and other stakeholders to anticipate and resolve design, zoning, construction and transportation issues. As previously announced, the Church will not request city redevelopment funds to support this project.

The Church has retained a residential development consultant to work closely with Taubman and PRI to integrate living space into this mixed-use development.

Style Guide Note:When reporting about The Church of Jesus Christ of Latter-day Saints, please use the complete name of the Church in the first reference. For more information on the use of the name of the Church, go to our online Style Guide.