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Utah Property Management Associates (UPMA), formerly Zions Securities Corporation (ZSC), is a subsidiary of Property Reserve Inc.,[1] which manages property owned by the Church of Jesus Christ of Latter-day Saints (LDS Church), mostly in Salt Lake City, Utah.[2][3] The company manages major corporate, residential, and retail spaces along with parking lots and plazas.[4]
Company type | Private |
|---|---|
| Industry | Property management, real estate, real estate development |
| Predecessor | Zions Securities Corporation |
| Founded | February 7, 1922 |
| Founder | The Church of Jesus Christ of Latter-day Saints |
| Headquarters | , |
Key people | Ashley J Powell (President/CEO), Michael Johnson (CFO) |
| Owner | The Church of Jesus Christ of Latter-day Saints |
| Parent | Property Reserve Inc. |
History
editZions 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 (equivalent to $38,469,185 in 2025).[5][6] One notable church-owned property excluded from ZSC's ownership was the Hotel Utah, which was already being managed by a separate company.[5]
In September 1966, the church incorporated Deseret Management Corporation to manage its for-profit companies, including ZSC.[7] 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.[1]
In January 2012, ZSC changed its name to Utah Property Management Associates, LLC (UPMA).[8] UPMA is part of the Investment Properties Management Department of the LDS Church.[citation needed]
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.[2]
Properties
editCommercial properties
edit
UPMA currently owns and operates the following commercial properties in Downtown Salt Lake City:[9]
- Class A Commercial buildings
- Beneficial Tower
- Deseret News Building
- Eagle Gate Plaza & Office Tower
- Key Bank Tower
- Social Hall Plaza
- Triad Center[10]
- 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
editUPMA 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)[11]
Mixed use properties
edit
- City Creek Center (Salt Lake City)[12]
- 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)[13]
Former properties
edit- Belvedere Apartments (Salt Lake City)[5]
- Inn at Temple Square (Salt Lake City) – Demolished for City Creek Center development
- Veterans Administration Hospital (Salt Lake City)[14]
- ZCMI Center Mall (Salt Lake City) – Demolished for City Creek Center development
References
edit- 1 2 "DMC announces division merger". Salt Lake City: KSL-TV. October 23, 2009. Archived from the original on October 27, 2009. Retrieved November 28, 2025.
- 1 2 "The money behind the Mormon message". sltrib.com. The Salt Lake Tribune. October 5, 2012. Retrieved September 4, 2025.
- ↑ Riddle, Isaac. "Church wants to add history-inspired signs on Regent Street", Building Salt Lake, 14 July 2016. Retrieved on 12 March 2020.
- ↑ Lockhart, Ben. "One tap can pay for parking in some downtown lots", Deseret News, 1 May 2013. Retrieved on 12 March 2020.
- 1 2 3 "Corporation To Handle Church Real Property". Deseret News. Salt Lake City. February 8, 1922. Section 2, p. 1. Retrieved November 28, 2025.
- ↑ "Holding Company Files Its Articles Of Incorporation". Deseret News. Salt Lake City. February 9, 1922. Section 2, p. 1. Retrieved November 28, 2025.
- ↑ Dew, Sheri L. (1996). Go Forward With Faith: The Biography of Gordon B. Hinckley. Salt Lake City: Deseret Book Company. pp. 304, 565. ISBN 1-57345-165-7.
- ↑ "Utah Property Management Associates, LLC: Homepage". Salt Lake City: UPMA. Archived from the original on June 22, 2012. Retrieved November 28, 2025.
- ↑ "Office Properties". utpma.com. Utah Property Management Associates. Retrieved October 11, 2018.
- ↑ Max B. Knudson (June 7, 1985). "Arab glad he didn't give up on Utah". Deseret News. Retrieved October 1, 2010.
- ↑ Sams, Douglas. "Utah real estate company buys Buckhead apartments for $117 million", Atlanta Business Chronicle, 5 September 2018. Retrieved on 12 March 2020.
- ↑ "How the Mormons Make Money". bloomberg.com. Bloomberg. Retrieved September 4, 2025.
- ↑ Hurdle, Jon (February 18, 2014). "Mormon Church to Expand Development in Philadelphia". The New York Times.
- ↑ "Church, U.S. Trade Properties". Deseret News. Salt Lake City. December 1, 1964. p. 12B. Retrieved November 28, 2025.
External links
edit- UPMA official site at the Wayback Machine (archived 2012-06-22)
- ZSC official site at the Wayback Machine (archived 2006-04-09)