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GlobeSt.com UPDATE: New Fed Building Under Construction

DETROIT-Ground was broken on Monday for a new $79.5-million Federal Reserve Bank facility near the city's Eastern Market district.

By Dan Heaton | Updated on February 10, 2004

DETROIT-The Federal Reserve Bank broke ground Monday on a new 220,000-sf bank. The $79.5-million development will be built on a 17-acre site on East Warren Avenue, north of Eastern Market. The location was chosen for its proximity to customers, the City Airport and nearby highways.

The new bank will replace a Fort Street facility that’s more than 75 years old, which is located in the city’s financial district. Bank branch manager Glenn Hansen says that building is “still sound, still in good shape,” but doesn’t allow for some of the new methods of operations the Fed would like to employ and some of the new security measures that the Fed wants at its facilities. Hansen says security concerns in the post-Sept. 11, 2001 world added about 10% in expenses to the project. The existing 275,000-sf building will be sold about a year after the new building is complete, in fall 2005, Hansen says.

Speaking at the groundbreaking, Michael Moskow, president of the Federal Reserve Bank of Chicago, said “this is the single largest investment for The Federal Reserve in at least 10 years.” The Chicago district includes the metro area.

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