LDS Church lowers prices on downtown Salt Lake condo development

To cope with the sagging real-estate market, The Church of Jesus Christ of Latter-day Saints has lowered prices on a large condo project in its City Creek development in downtown Salt Lake City.

Under construction at 35 E. 100 South, The Regent is set for completion in mid- to late 2011. The 20-story project, which will have 150 units, was originally priced starting from around $300,000 to as much as $1.7 million. The church said prices now start in the mid-$100,000s.

In a statement, the church said that prices were “re-evaluated” because of the economic downturn, decreased construction costs and an overall review of the project once the building’s shell was complete. Since City Creek construction began in late 2008, Utah’s economy has deteriorated, and a booming real-estate market has given way to one plagued by falling prices and foreclosures.

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