Irving’s city council agreed to give California-based banking giant Wells Fargo more than $30 million in financial support to build a huge regional office campus in Las Colinas.
Approval of economic incentives for the $200 million development passed the council with no discussion and 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 build the two-building, 800,000-square-foot office complex on 22 acres near the corner of Las Colinas Boulevard and Promenade Parkway. The 10-story bank offices will sit on the north shore of Lake Carolyn.
“The proposed new office development would serve as a regional hub for Wells Fargo,” according to the city description.
On Thursday night, Irving’s council agreed 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 for its project.
A separate economic incentive the council OK’d will provide Wells Fargo up to another $12 million to support construction of the offices.
Representatives of the San Francisco-based bank — one of the country’s’ three largest — have so far refused to comment on their plans for Irving or say where the workers for the office will come from.
A future phase of construction could double the offices to 1.6 million square feet.
The Wells Fargo campus will be built east of Carpenter Freeway and near Irving’s Toyota Music Factory, the Westin Hotel and the Irving Convention Center.
The city has already approved plans for development of an adjoining mixed-use development on Las Colinas Boulevard that will include between 340 and 400 apartments, plus restaurant and retail space.
These two projects would be constructed on the largest remaining vacant tract in Las Colinas’ centerpiece Urban Center.
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 get New York-based financial firm Goldman Sachs to locate a new 5,000-employee office just northwest of downtown Dallas.