Utah Property Management Associates

Last updated
Utah Property Management Associates
Company type Private
Industry Property management, real estate, real estate development
PredecessorZions Securities Corporation
FoundedFebruary 7, 1922;103 years ago (1922-02-07)
Founder The Church of Jesus Christ of Latter-day Saints
Headquarters
Salt Lake City, Utah
,
United States
Key people
Ashley J Powell (President/CEO), Michael Johnson (CFO)
Owner The Church of Jesus Christ of Latter-day Saints
Parent Property Reserve Inc.

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]

Contents

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 (equivalent to $37,570,577in 2024). [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

Commercial properties

The Triad Center in Salt Lake City, December 2013 Triad center slc utah.jpg
The Triad Center in Salt Lake City, December 2013

UPMA currently owns and operates the following commercial properties in Downtown Salt Lake City: [9]

Class A Commercial buildings
Class B Commercial buildings
Other Commercial buildings

Residential properties

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

Mixed use properties

Entrance to the former ZCMI Center Mall in Downtown Salt Lake City, September 2004 ZCMI Center from Church Plaza.jpg
Entrance to the former ZCMI Center Mall in Downtown Salt Lake City, September 2004

Former properties

References

  1. 1 2 "DMC announces division merger". Salt Lake City: KSL-TV. 2009-10-23. Archived from the original on 2009-10-27. Retrieved 2025-11-28.
  2. 1 2 "The money behind the Mormon message". sltrib.com. The Salt Lake Tribune. 2012-10-05. Retrieved 4 September 2025.
  3. ↑ Riddle, Isaac. "Church wants to add history-inspired signs on Regent Street", Building Salt Lake, 14 July 2016. Retrieved on 12 March 2020.
  4. ↑ Lockhart, Ben. "One tap can pay for parking in some downtown lots", Deseret News , 1 May 2013. Retrieved on 12 March 2020.
  5. 1 2 3 "Corporation To Handle Church Real Property". Deseret News . Salt Lake City. 1922-02-08. Section 2, p. 1. Retrieved 2025-11-28.
  6. ↑ "Holding Company Files Its Articles Of Incorporation". Deseret News . Salt Lake City. 1922-02-09. Section 2, p. 1. Retrieved 2025-11-28.
  7. ↑ 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.
  8. ↑ "Utah Property Managment Associates, LLC: Homepage". Salt Lake City: UPMA. Archived from the original on 2012-06-22. Retrieved 2025-11-28.
  9. ↑ "Office Properties". utpma.com. Utah Property Management Associates. Retrieved 11 October 2018.
  10. ↑ Max B. Knudson (7 June 1985). "Arab glad he didn't give up on Utah". Deseret News . Retrieved 1 October 2010.
  11. ↑ Sams, Douglas. "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.com. Bloomberg. Retrieved 4 September 2025.
  13. ↑ Hurdle, Jon (2014-02-18). "Mormon Church to Expand Development in Philadelphia". The New York Times.
  14. ↑ "Church, U.S. Trade Properties". Deseret News . Salt Lake City. 1964-12-01. p. 12B. Retrieved 2025-11-28.
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