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It’s official: Irving confirms Wells Fargo is bringing thousands of workers to Las Colinas

Dallas Morning News logo Dallas Morning News 8/5/2022 Steve Brown, The Dallas Morning News

Banking giant Wells Fargo could receive more than $30 million in financial incentives to build a regional office campus in Irving.

The San Francisco-based bank — one of the country’s three largest — plans to construct a $200 million lakeside office campus in Las Colinas.

The Irving City Council will vote Thursday on millions of dollars in economic incentives to support the huge campus that’s expected to house 4,000 workers.

“Approval of this agreement will provide incentives to Wells Fargo Bank, N.A., for the construction of a regional campus near Las Colinas Blvd. and Promenade Pkwy.,” the Irving City Council’s agenda said.

The agreement with Irving calls for Wells Fargo to “occupy at least 800,000 square feet of office space in the newly constructed buildings by December 2026. The proposed new office development would serve as a regional hub for Wells Fargo.”

Last month, Irving gave zoning approvals to build the 22-acre office campus east on the north shore of Las Colinas’ Lake Carolyn.

This is the first time the city has officially acknowledged that Wells Fargo will buy the development site and occupy the buildings.

Dallas developer KDC, which will construct the buildings, had previously only said the offices were for “our confidential client.”

Wells Fargo representatives refuse to confirm or deny their plans for the regional office center in Irving. “We still do not have anything to share at this time,” a company representative said Monday morning in an email.

Irving proposes in its economic incentive agreement to give Wells Fargo up to $19 million in tax increment finance district funds to build a 4,000-space parking garage and “to reclaim a portion of the lake between the two adjacent parcels on the south side of Promenade Parkway.”

A separate economic incentive of up to $12 million would support construction of the Wells Fargo offices.

The project will increase the city’s tax “property value by a minimum of $200,000,000,” according to the City Council filings.

The two 10-story office buildings KDC plans to build will feature landscaped open space plus a pedestrian promenade along the shore. A future phase of construction could double the offices to 1.6 million square feet.

The Wells Fargo campus site is near Irving’s Toyota Music Factory, the Westin Hotel and the Irving Convention Center.

The new offices will be connected to a planned mixed-use development that will include between 340 and 400 apartments, plus restaurant and retail space.

These projects would be constructed on the largest remaining vacant tract in Las Colinas’ centerpiece Urban Center.

©2022 The Dallas Morning News. Visit dallasnews.com. Distributed by Tribune Content Agency, LLC.

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