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Years of rumors have been confirmed by an Irving City Council agenda. San Francisco banking giant Wells Fargo (NYSE: WFC) is in the running to receive up to $31 million as part of economic incentive agreements with the city tied to a large-scale office development that could house as many as 4,000 workers.
The development, dubbed a “regional campus” within city documents, is expected to consist of 800,000 square feet of new office space set among a broader mixed-use campus featuring a couple of hundred multifamily units, restaurants and retail.
The office, which will be developed by Dallas-based KDC, will be constructed near the Irving Convention Center and Toyota Music Factory at the corner of West Las Colinas Boulevard and Promenade Parkway – one of the last and largest vacant sites in the area.
Wells Fargo declined to comment.
Sources have long said the banking giant drilled down on the 16-acre tract for a build-to-suit office development that would consolidate thousands of local jobs to the Irving acreage.
Some have concluded that an office development of this size could result in a headquarters relocation for Wells Fargo, though the spokesperson for the San Francisco-based institution stated it has "no plans" to move its headquarters as of June.
As part of the agreements, Wells or company affiliates must purchase 22 acres near Las Colinas Blvd. and Promenade Parkway by the end of the year; construct and occupy two office buildings that are a minimum of 400,000 square feet that are at least 10 stories by December 31, 2026; and construct a parking garage housing at least 4,000 spaces; among other requirements. Wells Fargo must occupy the office space for 10 years.
The sum consists of two different incentive agreements: $19 million tied to improvements in a Tax Increment Reinvestment Zone through the Financial Services and Economic Development Departments and $12 million to aid in the construction of the regional campus through the Office of Economic Development.
The proposed agreements have been recommended for approval and are expected to be voted on during the council’s August 4 meeting.