Regional Update (January-March 1996)

Index The state of the states Southeastern manufacturing survey Southeastern economic indicators

Cover Story - New President to Guide Atlanta Fed Through Era of Change

Federal Reserve System Serves Three-Tiered Mission

Atlanta Fed to Build New Headquarters

Atlanta Fed to Build
New Headquarters
I

n late October, the Atlanta Fed announced its purchase of a site at Tenth and Peachtree streets for $20.2 million from Gateway Real Estate Co. Inc., a subsidiary of the Bank of Nova Scotia. The site will be home to a 700,000-square-foot facility.

The new building will allow the Fed to consolidate its headquarters, which is now spread among three buildings in downtown Atlanta and a suburban warehouse. In addition to the main Bank building at 104 Marietta Street, the Fed has offices on two floors at 55 Park Place and on five floors of the Equitable Building at 100 Peachtree Street.

The new building will ease the inefficiency of having offices in three locations and it also will offer room for expansion. As the Bank's responsibilities grow—the Atlanta Fed has become increasingly involved, for example, in supervising foreign banks that operate in the United States—the Bank will need to accommodate a larger staff and more visitors.

The large parcel of land is needed because the Bank's cash and check-processing operations each must be on a single level, and the equipment used in those operations occupies a large amount of floor space.

Construction is expected to begin in 1997.

Plans Progress for New Birmingham Branch

The Federal Reserve Bank of Atlanta also plans to construct a new Birmingham branch building and is evaluating three possible sites.

Bank officials are looking for a 10- to 14-acre site for the building and plan to build a 200,000-square-foot facility. The large acreage is needed to accommodate the highly automated processing equipment that must be housed on site.

The three locations being evaluated are Liberty Park at Interstate 459 and Liberty Parkway; Grandview at I-459 and U.S. Highway 280; and Colonnade at I-459 and U.S. 280.

The new building should allow the Birmingham branch to meet its needs for the next 25 years.

Officials hope to begin construction in 1997 with completion slated for 1999.