 The design won critical acclaim within the American architectural profession.The construction of the Woolworth Building was announced in 1910 by Frank Woolworth, who wanted to create the largest income-producing property in the U.S.The project grew, and Woolworth finally opted for a 55-story, high skyscraper, the latest tallest building in the world, at a cost of $13.5 million ($5.1 billion in 2010 terms).