The Irving City Council has agreed to provide more than $30 million in financial assistance to California banking giant Wells Fargo to build a massive campus for regional offices in Las Colinas.
Approval of economic stimulus for the $200 million development passed the Council without discussion and with near-unanimous support.
The lakeside business center is expected to house 4,000 Wells Fargo workers when it opens by 2026.
Dallas-based developer KDC will construct the two-building, 800,000-square-foot office complex on a 22-acre lot near the corner of Las Colinas Boulevard and Promenade Parkway.
The 10-story bank offices will be located on the north shore of Lake Carolyn.
“The proposed new office development would serve as a regional hub for Wells Fargo,” reads the city description.
On Thursday night, Irving’s council voted to give Wells Fargo up to $19 million in tax increases to fund the district to build a 4,000-space parking garage and reclaim part of the lake for its project
A separate economic stimulus approved by the council that will provide up to an additional $12 million to Wells Fargo would support construction of the offices.
Officials at the San Francisco-based bank – one of the three largest in the country – have so far declined to comment on their plans for Irving or where the staff for the office will come from.
A future construction phase could double the offices to 1.6 million square meters.
The Wells Fargo campus will be located east of the Carpenter Freeway and near Irving’s Toyota Music Factory, the Westin Hotel and the Irving Convention Center.
The city has already approved plans for the development of an adjacent mixed-use development on Las Colinas Boulevard that will contain between 340 and 400 apartments, as well as restaurant and retail space.
These two projects would be built on the largest remaining vacant lot in the central urban center of Las Colinas.
The Wells Fargo office will be one of the largest new employment centers in North Texas.
Approval for the Irving project comes just weeks after Dallas City Council approved more than $18 million in financial incentives to persuade New York-based financial firm Goldman Sachs to open a new office northwest of downtown with 5,000 employees to build from Dallas.