The significance of 301 Magazine Street is such that the New Orleans Historic District Landmarks Commission rated it “of national importance.” Its significance derives from several aspects: architecturally as an unusually well-crafted Greek revival commercial building(s) by a noted American architect; historically since Dakin’s client, the New Orleans Canal and Banking Company, was a driver in the economic and geographical development of antebellum New Orleans; and culturally as an exteriorly intact remnant of one of the circa 1830-50 banking and cultural institutions, mostly in the Greek revival style, that characterizes this section of the Lower Central Business Historic District.
Constructed circa 1844, 301 Magazine Street consisted of the New Orleans Canal Bank building in the center, flanked by two stores, with fronts on Magazine. The corner store also has a Gravier Street side elevation. Built at the same time, according to James Dakin’s 1843 plans and specifications, were three additional stores, adjacent to the subject buildings and fronting on Gravier Street. While visually still a unit with 301 Magazine, these three Gravier Street buildings now are under separate ownership.
A Quincy granite post and lintel system extends across both the Magazine and Gravier elevations. The upper three floors consist of ashlar granite, with superincumbent brick walls. A slightly projecting Doric portico dominates the facade and provides entry into the central ground floor lobby. The Doric columns and entablature had been a distinguishing characteristic of the first Canal Bank (1831), demolished to make way for the larger new bank. As stipulated in the 1843 building contract specifications , the portico from the older bank building was to be recycled, as well as much of the granite as possible. As skillfully incorporated by Dakin, the older first and second sections were mirrored on the third floor but reduced in scale and detail. On each side of the central portion are three bay sections. A blocking course extends above the cornice on both elevations; and three block-like pediments crown the central section. The Gravier elevation presents a minimalist appearance, devoid of decorative devices other than the rhythm provided by the regularity and scale of the granite colonnade and the upper fenestration. The second level windows have 6 over 9 sashes, and the third floor windows are 6 over 6. On the Gravier side elevation, the building has nine bays, six of which are filled in with ashlar granite.
James Dakin (1806-52) came to New Orleans by way of New York City, where he trained in the architectural firm of Town and Davis, the leading practitioner in the day of the academic Greek revival style; and Louisville, Kentucky, where he produced the imaginative design for the Bank of Louisville. In Louisiana, James Dakin practiced at times with his younger brother Charles and James Gallier, Sr. The elder Dakin was responsible for many of the most spectacular public buildings of these boom years in New Orleans and Baton Rouge. Although only a few of these are left, including the Louisiana State Arsenal (1839), the Louisiana State Capitol (1847-49) and St.. Patrick’s Church (1838), Dakin also left behind beautifully executed watercolor drawings for both executed and non-executed projects, most of which are housed in the New Orleans Public Library. The Canal Bank is an important remnant of Dakin’s oeuvre.
The New Orleans Canal and Banking Company was created to finance the development of the New Basin Canal, connecting the American sector above Canal Street to Lake Pontchartrain, during which enterprise many immigrant workers lost their lives while changing the geography of the neighborhoods through which it passed. The Canal Bank typified such “improvement” companies that transformed New Orleans during the 1830s and 1840s. 301 Magazine architecturally reflects the importance of the Canal Bank, in that it incorporates the Doric portico of its first 1832 building with the larger and more “modern” 1843 design by Dakin. Finally, 301 Magazine blends in well with the streetscape that defines the Lower Central City National Register District, as well as the local Picayune Place Historic District. Canal Bank was one of the banks in the 300 block of Magazine that gave name to Bank’s Alley (now know as Picayune Place).