A huge Irving development that would house thousands of workers was approved by the city‘s planning commission.
The 50+ acre project is planned to be built near the corner of West Las Colinas Boulevard and Promenade Parkway in Las Colinas.
The office campus would house workers from banking giant Wells Fargo, real estate agents say.
Project developer KDC, which has built office campuses in North Texas for Toyota, JPMorgan Chase, State Farm Insurance and other major employers, presented the project to the Irving Planning Commission Tuesday night and received unanimous approval.
“We are working with our confidential client to develop this project,” David Fisk, senior vice president at KDC, told the planning committee. “This first phase includes 800,000 square feet of offices and is planned for 4,000 employees.”
The office campus would be on the north shore of Lake Carolyn and would have a landscaped open space and a pedestrian boardwalk along the shore.
“The site is 22 acres in total and our client’s anticipated final development is 1.6 million square feet,” said Fisk. “The place is beautifully landscaped.
“There are many outdoor gathering places and dining experiences for these employees.”
Fisk said the first phase of the office campus would include two buildings shown in the architects’ renderings, each about 10 stories. The planned offices would be connected to a large parking garage with a pedestrian bridge over Promenade Parkway.
The large lakefront development occupies the largest remaining vacant lot in Las Colinas Urban Center – a mixed-use neighborhood on the northeast side of State Highway 114 at O’Connor Boulevard.
For more than a year, developers KDC and representatives from Irving have been working on the development of Project Falcon – the codename for Wells Fargo’s North Texas office search.
Real estate agents said months ago that the bank had selected the Las Colinas site as the location for a new regional office center. The campus is near Irving’s Toyota Music Factory, the Westin Hotel and the Irving Convention Center.
So far, Wells Fargo officials have only commented that the California-based bank is “continuously evaluating our real estate portfolio” and officials “have nothing to share at this time.”
In addition to the new offices, Irving’s planning commission also advocated a contiguous mixed-use development that would include between 340 and 400 apartments, as well as restaurant and retail space. Dallas Architects GFF designed the project.
“On Las Colinas Boulevard, directly across from Musikfabrik, there will be a seven-story apartment building with retail and a restaurant on the ground floor,” said Michael Maddox, managing director and owner of Mirasol Capital.
A free-standing restaurant and commercial building is being built at the southern end of the property with a view of the lake and promenade.
“It connects beautifully with the Music Factory across the street and ties into the entire neighborhood,” Maddox said.
Mirasol Capital — a Carrollton-based investment founded by RealPage founder Steve Winn — owns the entire site, including the KDC office campus.
The first phase of the Las Colinas campus, which real estate agents say will be occupied by Wells Fargo, is about the same size as another large financial corporate project coming near downtown Dallas. New York-based Goldman Sachs has just received financial incentives from the city for the 5,000-job office campus planned north of downtown next to Victory Park.
Dallas-Fort Worth is one of the nation’s largest employment hubs for financial firms, which have relocated thousands of workers to North Texas over the past decade.