Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-07-28
RESERVE BANK BUYS
SITE FOR NEW HOME
Win Pay Sl22,5oo for Lot at
Ninth and Franklin
Streets.
SEhY ISSUES STATEMENT
Near to Post-Office and Member
Banks. and Gives Room for
Future Growth.
SEAY ISSUES STATEMENT

After lengthy and careful considera-
ii"n tho board OF directors OF the Fed
'ral Reserve Bank Of Richmond yes
terday selected the property at the
northwest corner Of Ninth and Frank
lin Streets as a location for its new
lorne, and tho property VIII he ac-
auired for sl225ao. AS soon as the
,itle can 10 examined tho transfer will
he made. architects will be engaged TO
design n building which will he in
keeping with tho dignity Of the in
Ftttution and of character which
viii be distinct addition u other
modern structures which have been
huil, about tho Capitol Square.
This site. which fronts ninety fve
foet on Nn,h street and runs hnck
~ feet along Franklin. is NOW owned
~ the CITY Center Realty Corporation.
~ which II A McCurdy is president
Herbcrt ". Jackson and L. S;tterding
arc other officers OF the company.
George j. Scny. governor of the
reserve bank last night made the fol-
lowing formal announcement Of tho
action of tho directors authorizing tho
purchase OF tho property:
The board Of directors n the Fed
c,sl Reserve Bank ot Richmond this
afternoon authorized tho purchase Of
tho property on the corner OF Ninth
and Franklin Streets, upon which in
,-o near future wil he bull; homo
fnr tho hank.
,,lUs AMPLE UooM
ToH FUTURE GROWTH
Th. property was owned ny tho
city center Realty Corporation. COM
prscd of a few Richmond men, and
~. price is understood to be Sl2&50o.
This property fronts a little over
nsncty-nve feet on Ninth street. runs
back 20 feet on Franklin. ant there is
an alley twenty feet wide In the rear.
~ nurrhc of sites were offered TO
,he bank. hu, this site WAS Hnan!-
moGsly chosen hy the directors as
combining all the considerations which
figure in the matter OF choosing hom"
for the bank The property is large
cuough Ia permit Of the erection "f a
binding w.th light and ar on ali
four sides 1t Is ia the center OF
he hotel district and close to the post
office and all It's larger local member
banks.
1T has splendid outlook on the
capitol square, and most II the monu-
mental buildings II tho rity ar" in
sluge view OF IL
~, was not thought NECESSARY tEat
tho bank should be located on Main
street. as il does not deal with tho
public, and, under these circumstances.
,he directors did not f"rl that they
would be justified N pay,nG Main
street values
NEAR pOST-OFFICE AND
MEMBER BANKS ~ RICHMOND
II, is az free from morse and dust
as any location in the business dis
.rcr can be. has abundant light and
air. ard its close proximity 20 the post
once and 10 the great ma jority Of the
banks in the city were tho factors
which decided the choice OF this loca-
ton
1T wac also necessary to secure
site large enough. not only to provide
for present needs, hut for any addi-
lions which the growth OF the bank
may require"
For long while tho directors have
hsen inspecting various properties
which had been offered TO the bank
as suitable for the location of the
new institution, and, after much work.
eliminated all hut that at Ninth and