In August, Irving City Council approved a $30 million-plus taxpayer-funded incentive package for Wells Fargo to build a planned lakeside office campus in Las Colinas. The deal calls for the financial institution to complete the $200 development project by 2026.
Texas Governor Greg Abbott celebrated news of the land purchase by highlighting the state’s reputation for having “the largest workforce in the financial services sector” and for gradually becoming “the new frontier for financial technology.”
“Texas has a long history of leadership in financial services, attracting major operations for the world’s largest financial services companies, as well as the most innovative startups in the field,” Abbott suggested in a press release on Tuesday. “I thank Wells Fargo for their continuing investment in the great state of Texas.”
According to the press release, the development project will create 650 new jobs and $455 million in capital investment.
Dallas-based developer KDC will spearhead the 800,000-square-foot development project planned near the corner of Las Colinas Boulevard and Promenade Parkway.
Irving City Council explained the regional hub would include two 10-story, 400,000-square-feet office buildings with space to hold up to 4,000 Wells Fargo workers. The site will also feature an open landscape and a pedestrian promenade along the waterfront.
“Currently, most of our 3,000 employees are located in several offices across the metroplex,” said Tanya Sanders, Wells Fargo’s head of auto loans. “We are thrilled to have a new state-of-the-art campus where we can bring the majority of our local workforce together for an even better employee experience.
She said the new campus will prioritize “wellness and sustainability” and thanked the City of Irving and the State of Texas for their “collaboration and enthusiastic response.”
With a planned development of such enormity, some local officials have speculated that Wells Fargo will move its current headquarters to the future site.
“Wells Fargo’s decision in choosing Irving-Las Colinas for its corporate office marks one of the largest real estate deals in our community in the last two decades,” said Beth A. Bowman, president and CEO of the Greater Irving-Las Colinas Chamber of Commerce and the Irving Economic Development Partnership (IEDP).
“We look forward to integrating their team into Irving-Las Colinas and building a strong partnership that will benefit both the company and the community in the future,” she continued.