Gov. Abbott Touts 'Texas-Sized Investment' As $455M Wells Fargo Office Project Kicks Off
Dirt has turned at the site of Wells Fargo’s future 22-acre regional campus in Las Colinas Urban Center.
The $455M project is one of Texas’ biggest economic development wins in recent years. With help from developer KDC, the banking giant plans to build two 400K SF towers that will house up to 3,000 workers by 2025.
“This is a Texas-sized investment in the future of Las Colinas and Irving which will improve our communities for a long, long time,” said Gov. Greg Abbott, who spoke alongside Wells Fargo executives and officials in the city of Irving at an April 18 groundbreaking event. “Wells Fargo has been, but is now more than ever before, part of Texas’ economic juggernaut.”
Irving City Council approved a $31M incentive package to land the Wells Fargo hub in mid-2022. The move was also aided by a $5M grant from the Texas Enterprise Fund, which helps close the deal on projects where Texas is competing with other states.
“The Wells Fargo project is an exceptional example of what city government and businesses can realize when they work together on mutually beneficial developments,” Irving Mayor Rick Stopfer said in a statement. “This beautifully conceived mixed-use space has already become a magnet for additional offices, retail, dining, housing, recreation, and entertainment."
The addition of Wells Fargo further strengthens Texas’ reputation as a leading market for financial services, Abbott said. The move follows Charles Schwab’s headquarters relocation from California to the Fort Worth suburb of Westlake in 2021.
“Texas is home to the largest financial services workforce in the entire United States of America,” Abbott said. “What this project will do is boost that ranking even higher.”
Irving-Las Colinas, known colloquially as the Headquarters of Headquarters, is home to 10 of the 24 Fortune 500 companies headquartered in North Texas. The area also has the most Fortune 1000 headquarters per capita in Texas, according to its economic development partnership.
“There has never been a better time to be in Texas,” Abbott said. “Texas is America’s economic engine, where entrepreneurs who are either born here or come here can cast a vision knowing that they live in a state where they will be able to achieve that vision.”
