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New Reserve Bank Planned for Detroit

DETROIT-A planned $65-million facility with higher technology capabilities Downtown would replace a 75-year-old structure at Fort and Shelby streets, last refurbished in the 1950s.

By Robert Carr | Updated on April 01, 2002

DETROIT-There’s a new $65-million branch of the Federal Reserve Bank of Chicagoplanned for Downtown. “The emphasis, though, is on the word plan,” says Doug Tillett, vice president of corporate communications for the bank.

“There are some details that still need to be worked out,” Tillett adds. However, he tells GlobeSt.com the federal bank is committed to replacing the 80-year-old current Detroit branch with another facility in the Downtown area. The current building at Fort and Shelby streets was built in the 1920s and refurbished in the 1950s, Tillett says.

“The Detroit branch is one of the oldest buildings in the federal reserves system,” he notes. “It’s pretty admirable that its lasted that long.”

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