Citing a commitment to downtown Salt Lake City, two officials from Zions Securities Corp., the real estate arm of The Church of Jesus Christ of Latter-day Saints, said the company has been busy working on and planning several major projects.
In a presentation to the board of governors of the Salt Lake Area Chamber of Commerce, David Jensen, senior vice president, said the projects will benefit the downtown area and make it more attractive for visitors and shoppers.The work will come not without sacrifice, however, because there will be road closings, barricades, bus detours and temporary sidewalks.
Jim Walton, vice president said construction of the Brigham Apartments at South Temple and 200 East is progressing, and occupancy of 337 units should begin in July 1997. The one, two and three-bedroom apartments will rent for $750 to $1,350, depending on the size.
There will be underground parking on two levels for the tenants.
Jensen said the Social Hall Plaza is almost ready for occupancy at 200 East and Social Hall Avenue. The Internal Revenue Service is expected to begin moving in in a few days, and later Kennecott Corp. will move to the upper three floors.
The building has 165,000 square-feet, parking for 475 cars and is nearly 100 percent leased, he said.
One of Zions Securities' most unusual projects involves building a three-level parking structure under Main Street between the ZCMI Center and Crossroads Plaza. Walton said that will require closing Main Street between South Temple and 100 South for 10 months beginning in early 1997.
Even though the parking structure will be under the northern 40 percent of the block, the entire block will be closed to allow access for construction equipment from 100 South. However, a walkway between Crossroads and ZCMI will be maintained for foot traffic, Walton said.
He said timing is critical because the project must be completed in time for the 1997 Christmas shopping season at the two malls. A committee has been formed that will keep the public informed on the progress of the structure to keep disruption at a minimum.
The fourth project for Zions Securities is the construction of the 18-story Gateway Tower West on the southwest corner of South Temple and Main Street. Jensen said the two buildings formerly located there had to be razed because they were unsound structurally.
Several months have been spent tearing down the old buildings and protecting the nearby buildings. Excavation will start next week, and when it's completed in late 1997, it will be Class A office space that should be completely leased by the time it is finished, Jensen said.
The stone and glass exterior of the building will complement the Kennecott Building to the east. Jensen said it was planned to put a new exterior on the Kennecott Building, but that won't be done for 8-10 years. When Kennecott vacates the building for the Social Hall Plaza, it will be renamed Gateway Tower East.