The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-07-28
Directors Of Federal Institution
Are Unanimous in Their
Choice
CITY CENTER REALTY
SELLS FOR $122, 500
Site Opposite Capitol Square
Fronts 95 Feet on Ninth by
10 on Franklin Street-To
Build at Once

Directors OF the Federal Reserve
Bank at Richmond in their meeting
yesterday afternoon decided unani.
mously on Ninth and Franklin Streets
as the site for the home OF the In
stitution. and authorized The purchase
Of the property of the City Center
Realty Corporation at a price under
stood to be $l225o0. Papers trans
ferFing the property from the City.
Center Realty Company TO the FEEDER
a! Reserve Bank will be filed within
+, the next few days and 1t Ia anticipated
that the actual work OF construction
on the new home Of the bank Will be
begun within the next few months
Leases on the property involved
VIII expire September !, II is under
stood. and X viii be Immediately after
that date that the razinK OF structures
standing on the lot viii be begun @
make room for the handsome structure
that the federal institution directors
Viii cause to be erected.
The property acquired by the Fed
erai Reserve Bank is situated on thu
northwest corner Of Ninth and Frank
lin streets, and fronts something over
IS feet on Ninth and runs back l2o
feet along the line OF Franklin street
to An aller % feet wide leading into
the stage entrance of the Academy Of
Music
Large Enough for Future.
The site is large enough 70 more
than provide for present needs of tina
institution and Will permit OF such adj
dittons ss may be necessary in the fu.
ture 70 take care Of growing business
From among large number Of prof
fered sites this site was chosen. The
aft 3Ny{re ell
ed careful consideration decided that
the Ninth and Franklin site combined
all the qualifications desired and all
the considerations which figured in tha
matter of choosing a home for the In
stitution- The site Is large enough to
permit Of the erection Of building
with light and air on all four sides
II is virtually IN the center OF the
banking and hotel district and is close
-. the postoffce, being hardly city
block from the Federal building All
tuition surround the site,
saved Main street Values.
On the opposite side OF Ninth street
Is Capitol Square and the new home
OF the bank viii have that public park
presented before II IN splendid per-
specttve. Many of III. monumental
buildings of the city are in plain view.
II was nor thought necessary that
the bank should he located on Main
street. as il does not deal with the
public, and under these circumstances
tho directors did not feel that they
would be justified in paying Main
Street values.
1t Is as free from noise and dust rs
any location in the business district
can he. has abundant light and air,
and its close proximity 70 the post
ofTlec and TO the great majority OF the
banks in the city were the factors
which decided the choice of this To-
cation.
Just how soon the work 81 building
the new home OF the Federal Reserve
Bank viii he begun could not be stated
last night, bt~ 1t was declared that
lust SO soon as the formality of fling
and recording necessary papers have
been gone through and the present
tContinued on Second rage.p