Bexar County commissioners have approved an agreement to purchase the Federal Reserve Bank building downtown.
The three-story structure has served as the San Antonio branch of the Federal Reserve Bank of Dallas since 1956. Its occupants are moving into a new building under construction about three blocks south, at 402 Dwyer.
The agreement calls for the county to purchase the bank’s facility at 126 E. Nueva St. for $6.5 million and includes the branch building, the adjacent parking lot and an inspection facility. The county’s obligations under the contract are contingent on the inspection and determination that the property is suitable for the county’s use.
Officials have not determined the use of the building, but it offers an additional 90,000 sq. ft. of much-needed office and storage space in a location convenient to the existing courthouse.
The deal will close only after the bank has settled into its new building. County officials say they will examine conditions of the building at that time and make recommendations for renovations.
