The Federal Reserve Bank of Dallas has started construction of a
three-story building downtown for its new San Antonio branch.
The 21,000-square-foot building will be at 402 Dwyer Ave. and is expected to be completed early next year, said Blake Hastings, the vice president in charge at the San Antonio branch.
The branch owns 91,000-square-foot facility about two blocks away at 126 E. Nueva St., where it has operated since 1956. That site is expected to be sold after the relocation.
The San Antonio branch will lease the property for 15 years, paying $19.99 per square foot per year.
The average rental rate for office space downtown, which includes all classes, is about $18.48 per square foot per year, data from commercial real-estate firm CBRE San Antonio show.
The move is part of the Fed's efforts to transition the Alamo City branch into a more administrative operation that offers public outreach, economic research, and banking regulation and supervision, Hastings said.
"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," he said.
By the time the move occurs, Hastings estimates 30 employees will work at the new building.
Austin-based Development 2000 Inc. will develop and own the property. The site is assessed at $486,500, the Bexar Appraisal District reports.
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