Farm Credit conversion to The Bank {Vault}
The structure was originally constructed as the Bankers Reserve Life Company, encompassing approximately the eastern half of this quarter-block building. Once the Great Depression occurred, an emergency situation developed that led to the creation of the Farm Credit system, which allowed farmers loans and therefore the ability to maintain their business during this very extraordinary time in American history. The addition of the west portion of the building, which continued the original architecture, was completed in seven months - a very tight time frame for such a large construction project.
Historic tax credits were used as a portion of the funding for the adaptive reuse of this historic office building into apartments. Design drawings were done, and once approval was given by the National Park Service and Nebraska State Historic Preservation Office, a construction schedule of seven months was initiated (and met). This was the first sizable downtown project to occur after the Great Recession of 2008. It provides spacious apartments with all the modern conveniences in a historic setting to this day.
The building was so popular, and in need of additional units, so when the adjacent mid-century Wells Fargo bank building, on the western half of the block, became available, the two buildings were merged as a single entity, with the original Farm Credit Building now referred to as The Vault, and the other structure, renovated approximately ten years after the first, as The Exchange.
To keep rents low, amenities were kept to a minimum, with each building having a community room, and sharing a fitness room on the south first floor of The Exchange building. While the elevator lobbies of the historic Farm Credit building were maintained, a new freight elevator replaced the existing elevators serving the western lobby, providing ease of move-in / move-out directly from Douglas Street. If a person takes the elevator to the top floor amenity area, they should look out the oddly-placed window at that top western elevator lobby. Original, restored griffin heads are visible, showing the incredible sense of detail up-close at roof level - a rare thing indeed in this age of color-blocking and clean lines.