Following years of rumor and speculation, Wells Fargo is planning to build a new corporate campus in North Texas.
An announcement Tuesday by Governor Greg Abbott confirmed that the San Francisco-based firm will construct the new campus in Irving’s Las Colinas development—a move that will bring together its local talent while creating hundreds of new jobs.
“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 said in a statement. “Already home to the largest workforce in the financial services sector, and as the new frontier for financial technology, data centers, and more, Texas offers opportunities for Fortune 500 operations to grow.”
Campus to create 650 new jobs
Wells Fargo plans to make $455 million in capital investments in the 22-acre Irving campus, which is expected to open by the end of 2025, and aims to create 650 jobs. The campus will bring together most of Wells Fargo’s 3,000 local employees, which are spread across several offices in the region, according to Tanya Sanders, the firm’s head of auto.
“We’re 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, which prioritizes wellness and sustainability,” Sanders said in a statement.
The campus will be built on the north shore of Las Colinas’ Lake Carolyn.
“With diverse lifestyle amenities just steps from the new campus, access to a deep pool of highly qualified talent, and a business-friendly environment, we’re certain Irving-Las Colinas will prove to be a successful combination for Wells Fargo,” Irving Mayor Rick Stopfer said in the statement.
Dallas firm KDC will be the developer
With Dallas firm KDC tapped as the developer for the project, the Wells Fargo campus will include two 400,000-square-foot multi-story buildings that include amenities like “well-being rooms” and gyms, in addition to office space that are part of a mixed-use development project, the Dallas Business Journal reports.
Texas Enterprise Fund offering $5M grant
The Wells Fargo project is being aided by a $5 million grant extended to Wells Fargo by the Texas Enterprise Fund, which offers performance-based financial incentives and acts as a “deal-closing fund.” In addition, the Irving City Council approved around $30 million in incentives for the $200 million project in August, per The Dallas Morning News.
Irving is home to the offices of a number of Fortune 500 companies, including McKesson, Fluor, Kimberly Clark, and Vistra Energy.
“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,” Beth Bowman, president and CEO of the Greater Irving-Las Colinas Chamber of Commerce and the Irving Economic Development Partnership, said in a statement.
Deal closed by Mirasol Capital
Dallas-based investment firm Mirasol Capital announced that it completed the transaction with Wells Fargo for the 800,000-square-foot campus at Mirasol’s Northshore District development.
Mirasol said the Northshore District development that will be home to the Wells Fargo campus is the largest office development in the Las Colinas Urban Center since the 1985 completion of The Towers at Williams Square. The Northshore District could bring 4,000 new jobs to the area, Mirasol added.
“The Wells Fargo corporate campus fits perfectly into our vision for the Northshore District, a vibrant mixed-use development in the Urban Center of Las Colinas. Once combined with retail, restaurants, green space and high-end apartments, the Northshore District will be one of the most sought after live-work-play environments in Texas,” Mirasol Capital Managing Director Michael Maddox said in a statement. “We’re honored that Wells Fargo chose the Northshore District and proud to have KDC as a partner in the project.”
Mirasol said it acquired 39 acres in the Las Colinas Urban Center through four acquisitions from 2018 to 2019, all while developing plans for the Northshore District, a mixed-use development adjacent to the Toyota Music Factory and on Lake Carolyn.
The Wells Fargo’s campus will serve as the anchor for Mirasol’s broader vision of creating “a modern urban environment” in Las Colinas.
Mirasol Capital said that the transaction was made possible through a partnership with KDC, as well as support from city of Irving officials, the Las Colinas Association, and the Irving Chamber of Commerce.
Mirasol plans mixed-use project next door
Rendering of a mixed-use project in the Northshore District, a planned development on Las Colinas’ Lake Carolyn. It will be adjacent to the new Wells Fargo campus. [Rendering: GFF]
Wells Fargo will have company at its new campus: Mirasol Capital is planning a 17-acre mixed-use project adjacent to it, with an “elevated multifamily living experience,” retail, public open space along the lakefront, and an additional 400,000 square feet of class A office space that will complement Toyota Music Factory’s entertainment district.
You can read and see more about the mixed-use project here.
Lance Murray contributed to this story, which has been updated to include additional information about Mirasol Capital.
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