https://www.sltrib.com/news/2018/11/12/lds-church-developer/

Existing tall buildings:
50 E S Temple, COB (LDS owned), 420’
299 S Main, Wells Fargo bank, 422’
111 S Main, office tower over Eccles Theater (LDS owned), 387’
99 W Temple, condo tower at City Creek (LDS owned), 377'

Proposed/announced buildings:
95 S State, 29 story office bldg next to Harmons grocery (LDS owned), 395’, 2024
200 S W Temple, Hotel (ownership ?) SE corner of convention center, approx 375’, 2022
150 S State, condo tower (ownership Boyer/Cowboy Properties?), 250’, date ?

Buildings I expect to see in not too distant future:
95 W 300 S, old Zephyr Club block - expected high rise or two
350 S W Temple, Lot surrounding Gracies, expect high rise or two
255ish S State, Lot with currently abandoned start of office building (developer went bankrupt in housing crash of 2008), expect high rise

There is also quite a lot of construction going on in the 10 story range in and around downtown - hotels and condos/apartments. LDS Inc does not appear to be hurting for capital, and City Creek Center has pretty decent foot traffic. I wouldn't hold my breath waiting for its imminent demise.

I thought with office automation, staff needs would be shrinking...

'Must Be' to handle all the resignations...

LDS Inc owns the buildings. Except for the COB, they do not occupy them. 111 S Main is mostly Goldman Sachs. City Creek has 4 high rise office buildings and 4 condo buildings, and the new building planned next to Harmons, across the street from City Creek will be a fifth office building. Plus they have at least one major office building south of City Creek.

I don't know how much money LDS Inc is making from City Creek retail, or condos, but the office real estate seems to be doing just fine.

Brother Of Jerry Wrote:
-------------------------------------------------------
> LDS Inc owns the buildings. Except for the COB,
> they do not occupy them. 111 S Main is mostly
> Goldman Sachs. City Creek has 4 high rise office
> buildings and 4 condo buildings, and the new
> building planned next to Harmons, across the
> street from City Creek will be a fifth office
> building. Plus they have at least one major office
> building south of City Creek.
>
> I don't know how much money LDS Inc is making from
> City Creek retail,

what ever it is, it is NOT nearly enough to get an ROI with in half a century after spending ("investing") 5 billion dollars on that project of theirs.

If it was 100 million in net profit, and IT IS NOT nearly that much, it would take 50 years to get to break even pay back on their venture.

Oh, and Malls in general, are NOT the hot business set up of the future.

The best Mall outfits in US are not bringing in 100 million a year on any single property.

can you say "Epic Blunder" ???



> or condos,

If you are speaking of the CCC condo tower, it is a total epic financial loser.

There is NOT even as much as one single legit tenet in the entire building. LD$ inc has yet to actually straight up sell even one grossly over priced unit ( that goes back to LD$ Inc when the buyer /purchaser dies) to anyone. People with that kind of money, did not get that kind of money by being that stupid with money. IT would take a faithFOOL tithe paying style TBM to be that stupid, and they are all broke from being cleaned out by LD$ inc demands.




EVERYONE who is in it, who lives there, is there on some kind of side deal arrangement /LD$ inc insider perk.


> but the office real
> estate seems to be doing just fine.

ummmmm, based on what? honest question/inquiry.

Someone please clarify (if known, ha ha)

are these new offices to be occupied by ChurchCo employees?

https://www.buildingsaltlake.com/plans-for-new-downtown-office-tower-moving-forward/

"In addition to office space, the tower will include meeting space for Sunday worship services at the mezzanine and third levels. Additional tenants have yet to be announced but in August Goldman Sachs announced that they will be relocating dozens of jobs from New York City to Salt Lake City in the near future. Goldman is the anchor tenant in the 111 Main building."

I'm surprised to see plans for a chapel in there, but the office space will be leased to outside firms (like Goldman Sachs, mentioned in the article). The church doesn't need the office space, and more importantly (to them) doesn't make any money if they don't lease it.

I wonder if the main reason for the chapel space is to get a tax write off for at least some of the profit on the building. At least some of it will officially be a "church."

Ah, good point! That could very well be; I don't know how that works, legally, but maybe someone else around here does?

Chapel space on two floors of the building is interesting. Come to think of it, I don't know of any LDC meetinghouses right in the downtown area, Brigham Landing Apartments is a large LDS-owned apartment complex just a block away, on N Temple, There is quite a bit of other high density housing within a 3 block radius, though I can't imagine there are that many active Mormons there, other than Brigham Landing, which houses lots of LDS "volunteers" from Temple Square and surrounding LDS buildings (RS, Archives, Conf Center, Lion House, etc).

There is lots of housing around Brigham memorial park and most of them go to church in the historic old Hotel Utah. There is the covey apts, and Brigham apartments that could be relocated to downtown?

God's one true and living non-transparent real estate development corporation.

Look, I understand the need to have revenue to run your organization. I'm an adult--I get it. But members should be allowed to know more about the finances.

Back in the day when I was more or less a TBM, I was so proud of how prosperous the church was, and was always ready to tell people about all of its financial holdings. Now I'm more of the opinion that, hey, why does a church need to be so financially prosperous. Shouldn't it be more like a non profit organization, and be using any surpluses to directly benefit people that are suffering? I guess their idea of surplus is different than mine. With regards to tithing, my surplus is everything I earn, for them surplus is anything that they don't want.

Brother Of Jerry Wrote:
-------------------------------------------------------
> https://www.sltrib.com/news/2018/11/12/lds-church-
> developer/
>
> Existing tall buildings:
> 50 E S Temple, COB (LDS owned), 420’
> 299 S Main, Wells Fargo bank, 422’
> 111 S Main, office tower over Eccles Theater (LDS
> owned), 387’
> 99 W Temple, condo tower at City Creek (LDS
> owned), 377'
>
> Proposed/announced buildings:
> 95 S State, 29 story office bldg next to Harmons
> grocery (LDS owned), 395’, 2024
> 200 S W Temple, Hotel (ownership ?) SE corner of
> convention center, approx 375’, 2022
> 150 S State, condo tower (ownership Boyer/Cowboy
> Properties?), 250’, date ?
>
> Buildings I expect to see in not too distant
> future:
> 95 W 300 S, old Zephyr Club block - expected high
> rise or two
> 350 S W Temple, Lot surrounding Gracies, expect
> high rise or two
> 255ish S State, Lot with currently abandoned start
> of office building (developer went bankrupt in
> housing crash of 2008), expect high rise
>
> There is also quite a lot of construction going on
> in the 10 story range in and around downtown -
> hotels and condos/apartments. LDS Inc does not
> appear to be hurting for capital, and City Creek
> Center has pretty decent foot traffic. I wouldn't
> hold my breath waiting for its imminent demise.


I had a friend who had a conversation with Elder Burton who was the presiding bishop of the church a few years ago. The presiding bishopric handle the temporal affairs of the church. President Hinckley wanted to redevelop downtown Salt Lake where it would attract middle to upper class families downtown. He didn't like metropolitan Salt Lake being controlled by the Democrats so the church is using it's money and real estate developing expertise to change the demographics of downtown. That's the long-term plan.

From what I hear the church has been very successful in real estate the past 50 years. It rolls some of this profit back into the general fund of the church. Of course if you go back far enough all of this originally was tithing money but the church invested some of it and did well.

This is why they can build temples without asking the local members to donate to a temple building fund. It's why wards no longer have to meet a budget.

In short. The LDS Church is a large real estate holding company. They are building a commercial real estate vatican for themselves in downtown Salt Lake. As the prophet, seer, and revelation Thomas S. Monson once said. "Let's Go Shopping!'

Too bad Honesty & Kindness aren't in the mix...

Rubicon Wrote:
-------------------------------------------------------

> > in the 10 story range in and around downtown -
> > hotels and condos/apartments. LDS Inc does not
> > appear to be hurting for capital,

Tell everyone all about that when LD$ Inc cancels the next program that they can no longer afford, like BYU athletics.



> and City
> Creek
> > Center has pretty decent foot traffic.

those traffickers can tread the floors of the CCC mall into complete ruin and it won't matter when and where it really counts, they might be doing a lot of walking, but they are NOT buying stuff (like they do at costco and walmart) and even IF they were buying something at CCC mall there is NO way it could be enough to justify the 5 billion dollar LD$ inc CCC BOONDOGGLE.

>I
> wouldn't
> > hold my breath waiting for its imminent demise.
>

I wont be holding my breathe, but I am laughing my ass off as downtown SLC becomes more and more of a trap that most people will avoid like the plague, and then goes bankrupt inspite of LD$ incs efforts to create their own vatican.

> I had a friend who had a conversation with Elder
> Burton who was the presiding bishop of the church
> a few years ago. The presiding bishopric handle
> the temporal affairs of the church. President
> Hinckley wanted to redevelop downtown Salt Lake
> where it would attract middle to upper class
> families downtown. He didn't like metropolitan
> Salt Lake being controlled by the Democrats so the
> church is using it's money and real estate
> developing expertise to change the demographics of
> downtown. That's the long-term plan.

"Middle Class" people do NOT have the financial means to throw away a million dollars on grossly over priced condo units like the 30'X 30' 900 square foot pigeon hole apartments/CONdo at CCC CON-DO tower, or half a million dollars either when LD$ Inc is finally forced to try to move them. What a pipe dream that was .....AND STILL IS !!!!! LD$ inc is totally OUT OF TOUCH with reality, that must be the "investment expertise" that you were referring to.




As tithing revenues go further south and never rebound, LD$ inc is going to be getting a big dose of financial reality.

Their condos may be overpriced. They are very nicely done, but the prices are high-end and then some. I don't see a lot of lights on in the condos at night.

The $5 billion figure that regularly gets thrown around as the cost of City Creek, is, as far as I can tell, pure fantasy.

There is a four level underground parking garage under City Creek. What percentage of the total cost of City Creek is that parking structure? There are two medium rise and two high rise condo buildings. What percentage of the total cost are they? There are four office towers, all high rise. What percentage of the total cost are they? What is their cash flow?

Finally, what was the cost of the retail portion of City Creek? The SLTrib reports it as $1.5 billion. That's a lot of money, to be sure, but hardly $5 billion. Unless you have actual evidence to the contrary, I see no reason to doubt the Trib's figures.

The Strengthening-the-members commitee needs more office space.