Samuel Fain Carter, the founder of Lumberman's Bank in Houston, commissioned the architecture firm of Sanguinet and Staats to design a sixteen-floor, steel-framed building on Main Street at the corner of Rusk Street in Houston. The Fort Worth-based Sanguinet and Staats had already been building skyscrapers in various cities in Texas, and was building a reputation for this type of structure.In 1909, the building had an estimated cost of $650,000. Carter planned to finance construction through issues of equity and debt, stipulating that he would restrict bonds to $400,000 in value. The Rice Institute agreed to purchase up to $200,000 in bonds.