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DETROIT-The Federal Reserve Bank of Chicago has purchased a 17-acre parcel from the city for about $3 million. The property, near the Eastern Market, that will be the site of the new 260,000-sf Detroit branch office, expected to cost about $100 million to build.

The new branch, to be located in Forest Park at 1600 E. Warren St., will house about 275 employees who will process checks and currency and carry out other Reserve Bank activities.

Site work is expected to start in early 2003 and building construction is expected later in the year.

The new facility will replace the current Detroit Branch building, which was constructed at the corner of Shelby and Fort streets in Downtown in 1926 and enlarged in 1955. It is one of the oldest buildings in the Reserve system.

The Chicago bank, one of 12 nationwide, serves the Seventh Federal Reserve District, which includes the Lower Peninsula of Michigan, all of Iowa, northern Illinois and Indiana, and southern Wisconsin. In addition to providing services to depository institutions and the US government, each Reserve bank supervises and regulates commercial banks, monitors conditions in its district and takes part in setting national monetary policy.

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