The San Antonio Branch of the Federal Reserve Bank of Dallas is about to receive a major upgrade. Construction has started on a new three-story building downtown, located at 402 Dwyer Avenue. According to Blake Hastings, vice president of the San Antonio Branch, the 21,000 square foot building is expected to be completed sometime in the beginning of 2014.
Since 1956, the branch has been located at 126 E. Nueva Street in a 91,000 square foot building. While the new facility will be much smaller, it comes with a better location as well as modern upgrades. The building located at 126 E. Nueva Street is expected to be sold after the transition is complete. The San Antonio branch will not own the building, but instead lease it for a period of 15 years at a cost of $19.99 per square foot/year.
Is this move truly necessary? While some feel that it doesn’t make sense, Hastings added that the change is meant to help the branch transition into more of an administrative operation. He added the following in an interview with MySanAntonio.com:
“We are saving millions of dollars a year from this transition by reducing our employment costs, our building facility operating costs, our utility costs — the whole nine yards.”
As you can see, this move is more than just a way to upgrade the facility. It is a way for the branch to save millions of dollars every year on operating costs. In today’s day and age, there is nothing more important than that. The property is being developed by Development 2000 Inc., an Austin-based company that will also be the owner.
The San Antonio Branch of the Federal Reserve Bank of Dallas as residents have known it for more than 50 years will be no longer within a few short months. This is a big change, but one that is sure to yield additional benefits for all parties involved
