Federal Reserve bids to buy hospital site.(Jefferson Davis Hospital site in Houston, TX)(Brief Article)

Prime Allen Parkway tract under contract

The Houston branch of the Federal Reserve Bank is making plans to move from the downtown offices it has occupied for the past 41 years.

The financial institution is under contract to purchase a portion of the high-profile Jefferson Davis Hospital site on Allen Parkway. It was only 11 months ago that local multifamily developer The Finger Cos. purchased the land from the Harris County Hospital District, after the municipal agency wrangled with disposing of the property for seven years. (See related story on Page 23A.)

Bob Smith, senior vice president and branch manager for the Federal Reserve's Houston office, says he cannot officially comment on the site selection process or price, but acknowledges the bank is close to making a decision after a decade's worth of real estate searching.

"We have been trying to determine what to do for our space needs for 10 years," he says. "We are in negotiations. We haven't closed."

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