It was the oldest Federal Reserve Bank building in active use until 2008, when the Kansas City Fed moved out.

Among the reasons noted for the award is that former Kansas City mayor James A. Reed, who was on the Senate Banking Committee, broke the deadlock to permit passage of the Federal Reserve Act.

[9] In 2008, the Kansas City Fed moved to a new building off of Main Street by the Liberty Memorial designed by architect Henry N.

[11] In 2013, Townsend lost the building when its lender, Great Western Bank of Sioux Falls, South Dakota, took back the property at courthouse auction.

A Boston lender is providing funding to a new developer who plans to convert the building into a hotel.