Six architectural firms were invited to take part in an architectural design competition in August 1919. Alexander Trowbridge, the Federal Reserve Board's consulting architect, was the adviser for the design competition. York and Sawyer submitted the winning design, which was approved by the Fed's directors in November 1919. The plans for a 14-story structure ran contrary to the expectations of observers who thought the site would be developed with a low-rise building. Marc Eidlitz & Son was hired as the building's general contractor, while Samuel Yellin successfully submitted a bid to install ornamental ironwork.