Historical Research, Inc. Papers on the Federal Reserve Bank Site Selection

Congress established the Federal Reserve in 1913. The Federal Reserve Bank of Minneapolis was at first a tenant in a leased space. In 1919 Congress approved the construction of new head office buildings for each of the 12 Federal Reserve districts. The Ninth District Federal Reserve purchased a tract of land at Fifth Street and Marquette Avenue in downtown Minneapolis and selected architect Cass Gilbert, well known for his design of the Minnesota Capitol and St. Paul Seminary in St. Paul. Minneapolis Federal Reserve employees moved into the four-story neoclassical building in 1925.

Banking activity increased during and after World War II, requiring the Fed to lease temporary quarters while plans were made expand its headquarters. An eight-floor addition atop the building was constructed from 1955 to 1957. The modern upper stories with stark, vertical lines stood in contrast to the neoclassical base. Later after the building was sold to National Bank the base was modernized to match the skyscraper addtion. The first building still exists as 510 Marquette at the corner of Marquette Avenue and 5th Street South in Minneapolis, next to the Nicollet Mall station of the Hiawatha light rail line.

The first building served as Ninth District headquarters until 1973, when the bank moved to its second location at 250 Marquette Avenue. The new building at 250 Marquette Avenue, now known as Marquette Plaza was beset by design problems and asbestos contamination. The Federal Reserve chose to sell it and build a new building.

In the early 1990s a search began for a new building site to accomodate more staff and technology. Historical Research Inc. helped research various sites in Minneapolis and created a significant amount of research materials.

The Great Northern Depot was built in and served Minneapolis until March 1st, 1978 when the last passengers left the depot. It was razed by early Fall 1978.

The former site of the Great Northern Depot on the Minneapolis riverfront was finally chosen as the new site for the bank and construction began in Winter of 1994. The new Federal Reserve Bank building was occupied in August of 1997. The cost of the building was $100 million. The bank was designed by Hellmuth, Obata & Kassabaum, St. Louis, Missouri and built by McGough Construction Company, St. Paul, Minnesota. Its address is 90 Hennepin Ave to signify the bank represents the Ninth Federal Reserve District. The Ninth district includes Montana, South and North Dakota, Minnesota, the upper peninsula of Michigan and northern Wisconsin.