The 2001 opening of the Atlanta Fed's new headquarters building at Peachtree and Tenth streets in Midtown Atlanta was a milestone in the Bank's history. It marked the end of an era at 104 Marietta Street in downtown Atlanta and the beginning of a development renaissance in Midtown.
Laying the groundwork for a new home
By the late 1980s, the Atlanta Fed was beginning to outgrow its downtown building, and the Bank's leaders began giving serious thought to a new home. They wrestled with questions about whether or not to build an operations site near the Atlanta airport. In those days, planes flew paper checks all over the country every night to clear accounts. Ultimately, the idea of a site near the airport was dismissed as not feasible, so the Bank's management decided to look elsewhere for a site to erect a new building.
In the early 1990s, the Atlanta Fed had its eyes on the land where the current headquarters now sits, but it cost more than the Fed wanted to pay, so the Bank stayed put yet kept its eye on the Midtown parcel. In 1995, the owner of the site at 10th Street and Peachtree Street reduced the price dramatically, and the Bank's management acted quickly, securing the land—an entire city block—for $20 million.
With Federal Reserve Board of Governors approvals needed, a designer to select, and much paperwork ahead, construction did not begin for several years. A building committee chaired by Jack Guynn—then president of the Atlanta Fed—selected Robert Stern of New York to design the building. Stern's architectural firm has designed projects worldwide, and he is perhaps best known for his New Urbanism approach.
Looking to become a good neighbor
With the design in place, ground was broken in 1999 as the land was graded and the first pilings were driven to form the structure's foundation. People living around the Bank's new headquarters or doing business in Midtown watched the beehive of activity for more than two years, until the last piece of marble—mined from quarries in north Georgia—was applied and the massive front doors installed. A convoy of flatbed trucks hauled the signature columns, which had stood for decades in front of the Atlanta Fed's downtown building, to their new home.
The first employees took up residence in their new workspace in June of 2001.
A national tragedy halts the building's grand opening
The completed Atlanta Fed headquarters was a monumental structure, occupying a full city block. A 10-story tower faced Peachtree Street, and a three-story operations center and underground vault spanned the distance between 10th and 11th streets.
Workers at the Atlanta Fed anticipated a jubilant grand opening, a chance to welcome new neighbors and old friends. But just one day before the intended grand opening, the terror attacks of September 11 occurred, putting an abrupt end to any grand opening celebrations. Bank management opted instead for a later—and understated—staff gathering to commemorate the opening.
Casting a big shadow
The Atlanta Fed's headquarters measures more than 750,000 square feet, and more than 1,100 people work inside. The greenery is irrigated by the Bank's own well, to avoid burdening the city's water supply. The broad, attractively manicured plaza—named in honor of former Atlanta Fed President Jack Guynn—offers benches shaded by trees and is open to the public.
The Atlanta Fed also opens its doors Monday through Friday so visitors can take a free tour of the Bank's Monetary Museum and Visitors Center, which tells the story of money and explains monetary policy using a number of interactive displays. Small groups can take self-guided tours, and larger groups can reserve guided tours led by volunteer Bank staff who dub themselves "ambassadors." The program serves the dual purposes of being a welcoming neighbor and fostering awareness of the Fed's role in the U.S. economy.