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

In the early 1990s, a search began for a new Federal Reserve building site to accommodate more staff and technology. Historical Research Inc. helped research several sites in Minneapolis and created a significant amount of research materials. The former site of the Great Northern Depot on the Minneapolis riverfront was chosen and construction began in the winter of 1994. The new Federal Reserve Bank building was occupied in August 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.

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.

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 addition. The first building still exists as 510 Marquette at the corner of Marquette Ave. and 5th St. S in Minneapolis.

In 1973, the bank moved to its second location at 250 Marquette Ave. The new building, later known as Marquette Plaza, was beset by design problems and asbestos contamination. The Federal Reserve chose to sell it and build the new building at the riverfront.