Location

The Federal Reserve Bank of Chicago, 230 South LaSalle street, is located near the La Salle/Van Buren stop in the Loop, making it very accessible through public transportation. The corner of La Salle and Jackson was not previously home to something else, making it an ideal location for the creation of the Chicago Reserve. The Federal Reserve Bank of Chicago is situated across from the Continental Illinois Bank and flanks the Chicago Board of Trade. Its creation completed the Chicago's financial canyon, a location that physically embodies Chicago's commercial journey.

Date and Historical Context

The Federal Reserve Bank of Chicago was built on a national need for a Central Bank. A Central Bank was first contested in 1789 by the then Secretary of the United States Treasury, Alexander Hamilton.¹  The following centuries saw many failed attempts at the creation of a Central Bank and it was not until 1913 that the creation of a stable Federal Reserve System came to fruition. The creation of a Federal Reserve System also created a need for reserve banks across the country to manage the treasury of specified districts.¹ This system created 12 districts, with Chicago being the head of the 7th district.  Chicago was the ideal home for the Federal Reserve Bank of the 7th district because of its central location in the nation and its steadily increasing economic prosperity. The Federal Reserve Bank of Chicago was not created until 1922 during the Roaring Twenties, a post-war surge of economic prosperity that was experienced nationwide. The early 20th century was a time of discovery for Chicago, as it embarked on a journey to find a culture and prove it belonged in the ranks of other great cities such as New York and Philadelphia.

Author

Due to two renovations made after its construction in 1922, the Chicago Reserve has been designed and redesigned by 3 different architectural firms; Graham, Anderson, Probst, and White originally designed the building in 1922; Naess and Murphy developed the additions made in 1954; Holabird and Root redesigned the building in 1986.²

Graham, Anderson, Probst, and White (GAP&W) was originally named Graham, Burnham & Co, after the exemplary Ernest R. Graham and Daniel Burnham – responsible for the design of iconic buildings that arose after the great Chicago fire. GAP&W used a neoclassical architectural style that is very lavish, and heavily ornamented – resulting in massive high-rise and low-rise buildings, with white all around and pillars.² Their designs in Chicago include the Field Museum, Shedd aquarium, Merchandise Mart, Civic Opera House, Railway Exchange Building, and the Federal Reserve Bank. This architectural style is seen come to life in the Chicago Reserve’s Corinthian pillars, grand open staircase, and white material.² The use of a Neoclassical architectural style was ideal for the creation of a Chicago Reserve that is in dialogue with classical antiquities.

Commission 

The Chicago Reserve was commissioned by the United States government. As one of the 12 federal reserve banks in the United States, it was critical to have a reserve bank in a centralized economic power like Chicago. Chicago may have started as an agricultural city, but its location in relation to water access, railroads, and states made it essential for the management of a successful federal reserve bank.¹ Chicago quickly recognized this, and the United States quickly followed, leading to the construction of a building that is synonymous with the grandeur, power, and stability that is a Federal Reserve Bank.

History of the Monument

The building was constructed in 1922 and was described as an architectural marble – because of its state of the art innovations, 17 floors, Corinthian pillars, and grand open staircase in the main lobby on LaSalle.² By 1954 the Chicago Reserve was running low on space, so the bank purchased (for an undisclosed amount of money) two adjunct buildings to make space for a 16-floor addition. In 1986, renovations were made to the existing building – adding 165,000 square feet and 14 floors.¹ The open staircase was removed to make space for more floors, removing an iconic portion of the building. The second-floor mezzanine was renovated to create a vista for people that walked through the lobby, this addition gives visitors a view of the city and buzzing financial district of Chicago.¹ A floor, 3 floors underground, was made to hold items of highest security. The renovation of 1986 received an award from the American Institute of Architects, which is given for the support of the profession of Architecture.

Historic Preservation

Although described by the Federal Reserve Bank of Chicago’s website as Chicago’s landmark, the Chicago Reserve is not registered as a Chicago Landmark nor a National Landmark. Despite the cultural and commercial impact that the Chicago reserve made in Chicago, and the United States as a whole, academics do not deem it a monument.

¹"Our Building." Federal Reserve Bank of Chicago. N.p., n.d. Web. 05 Oct. 2016. <https://www.chicagofed.org/utilities/about-us/our-building>.

²"Chicago Fed History: Introduction." Federal Reserve Bank of Chicago. N.p., n.d. Web. 06 Oct. 2016. <https://www.chicagofed.org/utilities/about-us/history/chicago-fed-history-introduction>.