Federal Reserve Bank of Chicago Detroit Branch

The Federal Reserve Bank of Chicago Detroit Branch Office is one of two branch offices of the Federal Reserve Bank of Chicago. It is part of the 7th district and its code is 7-G. It is currently located at 1600 East Warren Avenue, near I-75 in Detroit's Eastern Market Historic District. The office occupies 17 acres (6.9 ha) and cost $80 million to build. The Detroit branch was founded in 1927 and is currently headed by Robert Wiley. Each branch of the Federal Reserve Banks has a board of either seven or five directors, a majority of whom are appointed by the parent Federal Reserve Bank; the others are appointed by the Board of Governors. Branch directors serve staggered three-year terms (two-year terms if the Branch has five directors). One of the members appointed by the Federal Reserve Board is designated annually as chairman of the board of that Branch in a manner prescribed by the parent Federal Reserve Bank.

The following people are on the board of directors as of February 2016:

(Chair)

The Federal Reserve Bank of Chicago Detroit Branch Building is a bank building located at 160 W. Fort Street in Detroit, Michigan. The building was constructed in 1927 in a Classical Revival style. In 1951, the bank added an eight-story glass-and-marble annex, designed by Minoru Yamasaki. The Modern annex is clearly designed not to mimic the original building, but to make a statement all its own.

In 2004, the Federal Reserve Bank moved to its new building on Warren Avenue, leaving the building on Fort empty. A developer purchased the building with the intention of creating loft space.

In July 2011, Quicken Loans representatives were visiting the building, leading to speculation that Dan Gilbert would purchase the space. Gilbert announced the purchase on January 30, 2012.

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