Financial Accuracy

During a time when “the economic crisis” needs no introduction, Salt Lake City is staying afloat surprisingly well.  Why?  Well, one of the biggest reasons is City Creek Center.

City Creek Center is a 20-acre, mixed-use development in downtown Salt Lake City.  By 2012, City Creek Center will see 700 new residences (mostly condos), 1.6 million square feet of office space, a 124,000-square foot Nordstrom, 150,000-square foot Macy’s, 500,000 square feet of additional retail space, and pedestrian walkways connecting everything.  Basically, this is no small undertaking.

This project is essential for the development of downtown Salt Lake City.  In recent years, SLC downtown has become increasingly barren.  The suburbs have become the place to be, and downtown is the place not to be.  With new housing, new employment needs, and an increasingly pedestrian-friendly city center, downtown will be coming alive in 2012.

So, who’s paying for this good change on the city during an economic downturn?  The Church of Jesus Christ of Latter-day Saints is funding the project.  In conjunction with Taubman Centers (a national development corporation),  the Church has put forth an undisclosed amount of money (estimates range from $500 million to $3 billion) to save the city.  One of the best parts about everything is that this immense project is being funded without loans.  The Church’s financial policies allow it to build up enough wealth to pay for the development in cash.  The financial spending understandable:  the Church’s world headquarters are just north of the development and would otherwise be surrounded by slums in twenty years without such a change.  In addition to protecting their headquarters, the LDS Church is trying to help out its surrounding community as well.  Whether you look at the motivation of self-preservation or the benefit to the city, this movement is fighting against the recession.

During the construction, countless jobs are open for construction, design, negotiation, and other efforts.  This is keeping Salt Lake City the financial oasis.  This change is not a temporary solution, either.  With the opening of City Creek Center, many jobs will fill up to run all of the new stores and businesses.  Evidence shows a very high interest from businesses to open up locations at CCC, so there really is no downside.