$80M Fed Bank Project Moves Along on Schedule

DETROIT-A nearly $80-million Federal Reserve Bank building project is progressing on schedule, the manager of the facility reports. Glenn Hansen, manager of the Detroit branch of the Federal Reserve Bank of Chicago, tells GlobeSt.com this week that work on the vault is now taking place.

Hansen was speaking at an event to celebrate the start of Smart Money Week Detroit, a series of financial seminar and other educational events the bank helped organize.

The bank system is building a $79.5-million, 220,000-sf facility on the edge of the city’s Eastern Market. The facility is to be open for business in September 2005, at which time the bank’s current home in the city’s CBD–used by the Fed since it was built in 1926–will be put on the market.