Crossroads Plaza is now officially owned by The Church of Jesus Christ of Latter-day Saints.
Property Reserve Inc., the church's real estate arm, announced Monday that it had closed on its purchase of the Crossroads mall and will proceed with the redevelopment of both shopping centers on Salt Lake's Main Street downtown. The company already owns the ZCMI Center.
Details of the purchase were not disclosed, though the church indicated the funds used to buy the mall came from investment reserves.
"Closing on this acquisition represents a critical step forward in our plans to redevelop both the ZCMI and Crossroads malls," Presiding Bishop H. David Burton said in a prepared statement. "Our purchase of the Crossroads Plaza demonstrates our long-term commitment to ensuring that Main Street remains the heart of a vibrant downtown."
Church spokesman Mike Otterson declined to comment on the details of the church's plan or when the demolition/redevelopment work is likely to begin.
The church in May announced its plans to purchase Crossroads and an adjoining office tower from Maryland-based Foulger Pratt. It already owned the majority of the land under the structures.
Details of the redevelopment project have not been released. AEW Capital Management and The Taubman Co. will complete the project.
"AEW and Taubman have made significant progress in their planning effort and expect to make their plans public in the near future," Property Reserve said in a statement.
Ron Pastore, AEW's lead on the Crossroads project, told the Deseret Morning News in August that plans could include a pedestrian sky bridge connecting the two malls, along with efforts to increase pedestrian traffic at street level and integrate retail with office space and entertainment. Any plans that have circulated around Main Street or City Hall are subject to change, Pastore emphasized.
Taubman, headquartered in Bloomfield Hills, Mich., owns 30 regional shopping centers across the nation, most notably the Woodfield mall in Chicago, the third-largest shopping mall in the country.
The company is defending itself against a hostile takeover by Simon Property Group Inc., an Indiana-based real estate investment trust. Simon is the nation's largest mall owner, with 238 properties (including 169 regional malls) as of June 2003. The company's takeover offer for Taubman has been extended until Oct. 3.
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