What that means is that the LDS Church, this state's most powerful institution and downtown's largest landlord, has brought in a firm with national clout and experience as a partner. Taubman's equity participation is a vote of confidence in the huge downtown project.
That's important, because much of Utah has a stake - sentimental, if not financial - in whether this project succeeds. It borders Temple Square, the headquarters of the Mormon faith and the heart of downtown Salt Lake City. What happens on the two blocks that adjoin the south side of the church campus will determine the economic future of downtown for decades to come, just as it did when the two malls were originally developed a couple of decades ago.
Beyond their announcement of a letter of intent, the LDS Church and Taubman aren't saying much. They say Nordstrom will stay as an anchor, that certain local businesses with longtime ties will be there too, although they won't say who they are; that a large number of housing units will be part of the new mix, that all of the parking facilities will be demolished and rebuilt, that the fortress-like facades of today will be opened up.
But Utahns knew all that before the announcement of Taubman's equity participation this week. If there is a new hint of what is coming, it is that much of the existing structure on those two blocks, except for the five office towers, may be demolished. The timetable is vague.
Church and Taubman officials say that this project is extraordinarily complex, and that they need to get all of the interlocking details, many involving third parties, in place before they announce much more. As the property owners, that is their right.
At the same time, they say they will work closely with city officials, downtown employers, merchants and other stakeholders to anticipate and resolve design, zoning, construction and transportation issues.
We think most Salt Lakers would say, take your time and get it right. But until this project is unveiled, most other downtown development will be frozen, because no one wants to move without knowing first what the church has in mind.
Because this project is so important to everyone in the capital city, it serves the principals to keep the public informed. That may help to expose unanticipated problems early and solve them early, too.
