Utah Property Management Associates

History

Zions Securities Corporation was established in February 1922 as a holding and management company for the taxable, for-profit real estate belonging to the LDS Church. At the time of its incorporation, this included 52 properties valued at approximately $2 million (). One notable church-owned property excluded from ZSC's ownership was the Hotel Utah, which was already being managed by a separate company.

In September 1966, the church incorporated Deseret Management Corporation to manage its for-profit companies, including ZSC. Deseret Management Corporation transferred control of ZSC to Property Reserve Inc. (another real estate company affiliated by the LDS Church) in 2010; at the time ZSC was described as a commercial real estate developer.

In January 2012, ZSC changed its name to Utah Property Management Associates, LLC (UPMA). UPMA is part of the Investment Properties Management Department of the LDS Church.

Through a $2 billion investment in City Creek Center, UPMA participated in a $5 billion church-funded effort to redevelop downtown Salt Lake City in the 2010s.

Properties

Commercial properties

UPMA currently owns and operates the following commercial properties in Downtown Salt Lake City: ;Class A Commercial buildings

• Beneficial Tower
• Deseret News Building
• Eagle Gate Plaza & Office Tower
• Key Bank Tower
• Social Hall Plaza
• Triad Center
• Zions Bank Building

;Class B Commercial buildings

• 139 East South Temple
• J. C. Penney Building

;Other Commercial buildings

• Deseret Book Building
• Eagle Gate Parking Plaza
• McIntyre Building
• Orpheum Office Plaza

Residential properties

UPMA currently owns and operates the following residential properties, all of which are in Salt Lake City, Utah, except as noted.

• Brigham Apartments
• Colonial Court Apartments
• Eagle Gate Apartments
• Gateway Condominiums
• West Temple Apartments
• Garden Apartments
• First Avenue Apartments
• Hanover East Paces Apartments (Atlanta, Georgia)

Mixed use properties

• City Creek Center (Salt Lake City)
• Lake Park Corporate Centre (Salt Lake City)
• Highbury at Lake Park (West Valley City, Utah)
• Shoal Creek Valley (near Liberty, Missouri)
• 1600 Vine Street Complex (Philadelphia, Pennsylvania)

Former properties

• Belvedere Apartments (Salt Lake City)
• Inn at Temple Square (Salt Lake City) – Demolished for City Creek Center development
• Veterans Administration Hospital (Salt Lake City)
• ZCMI Center Mall (Salt Lake City) – Demolished for City Creek Center development

References

References

1. Riddle, Isaac. [https://www.buildingsaltlake.com/church-wants-add-history-inspired-signs-regent-street/ "Church wants to add history-inspired signs on Regent Street"], ''Building Salt Lake'', 14 July 2016. Retrieved on 12 March 2020.
2. Lockhart, Ben. [https://www.deseret.com/2013/5/1/20518917/one-tap-can-pay-for-parking-in-some-downtown-lots#shoppers-walk-to-their-cars-in-a-city-creek-center-parking-lot-in-salt-lake-city-march-22-2012-four-downtown-lots-near-city-creek-now-offer-the-option-of-paying-for-parking-with-one-tap-of-a-cellphone "One tap can pay for parking in some downtown lots"], ''[[Deseret News]]'', 1 May 2013. Retrieved on 12 March 2020.
3. . (1922-02-08). ["Corporation To Handle Church Real Property"](https://newspapers.lib.utah.edu/ark:/87278/s6sj6gc5/25530238). *[[Deseret News]]*.
4. . (1922-02-09). ["Holding Company Files Its Articles Of Incorporation"](https://newspapers.lib.utah.edu/ark:/87278/s6ns5qs7/25530255). *[[Deseret News]]*.
5. Dew, Sheri L.. (1996). "Go Forward With Faith: The Biography of Gordon B. Hinckley". [[Deseret Book Company]].
6. . (2009-10-23). ["DMC announces division merger"](http://www.ksl.com/?nid=148&sid=8421389). *[[KSL-TV]]*.
7. . (). ["Utah Property Management Associates, LLC: Homepage"](http://www.utpma.com). *UPMA*.
8. (2012-10-05). "The money behind the Mormon message". [[The Salt Lake Tribune]].
9. "Office Properties". Utah Property Management Associates.
10. Max B. Knudson. (7 June 1985). "Arab glad he didn't give up on Utah". [[Deseret News]].
11. Sams, Douglas. [https://www.bizjournals.com/atlanta/news/2018/09/05/utah-real-estate-company-buys-buckhead-apartments.html "Utah real estate company buys Buckhead apartments for $117 million"], ''[[Atlanta Business Chronicle]]'', 5 September 2018. Retrieved on 12 March 2020.
12. "How the Mormons Make Money". Bloomberg.
13. Hurdle, Jon. (2014-02-18). "Mormon Church to Expand Development in Philadelphia". The New York Times.
14. . (1964-12-01). ["Church, U.S. Trade Properties"](https://www.newspapers.com/article/deseret-news-church-us-trade-properti/185809604/). *[[Deseret News]]*.