Wells Fargo, Volkswagen Pick Texas Locations

Wells Fargo will build new campus in Irving-Las Colinas, Volkswagen Group’s new Port Freeport hub will allow utilization of low-emission LNG vessels.

Wells Fargo Bank, N.A. will invest $455 million to build a new campus in Irving, TX. The financial services firm will create 650 new jobs in Irving-Las Colinas, and the majority of the company’s 3,000 area employees will be relocated to the new offices by the end of 2025 when the campus is expected to officially open. A Texas Enterprise Fund (TEF) grant of $5,001,100 has been extended to the company.

Wells Fargo Texas
(Photo: Wells Fargo)

“Currently, most of our 3,000 employees are located in several offices across the Metroplex,” explained Tanya Sanders, Wells Fargo Head of Auto. “We are 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. We are also very appreciative of the collaboration and enthusiastic response from the City of Irving and State of Texas.”

Focused on employee wellness, the 22-acre site is located near existing offices, employee homes, and public transportation including Dallas Area Rapid Transit (DART) light rail trains. Well-being rooms and gyms with remotely-led classes are planned for the new campus. Other nearby wellness amenities will be available including nearby walking and bicycle trails, stand-up paddle board rentals, a cycling studio, and four golf courses.

“The City of Irving is proud to welcome Wells Fargo home to our community,” said Irving Mayor Rick Stopfer. “This highly regarded corporation will be a remarkable addition to our thriving business industry. 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 are certain Irving-Las Colinas will prove to be a successful combination for Wells Fargo.”

The project will be Wells Fargo’s first net positive campus, meaning it is expected to generate more energy than it consumes with a targeted LEED Platinum environmental certification, rooftop solar panels, electric vehicle charging stations, and native plantings to minimize irrigation and fertilizer.

“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,” said Governor Greg Abbott. “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, and I thank Wells Fargo for their continuing investment in the great state of Texas and the best workforce in America.”

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“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,” said Beth A. Bowman, President and CEO of the Greater Irving-Las Colinas Chamber of Commerce and the Irving Economic Development Partnership. “We look forward to integrating their team into Irving-Las Colinas and building a strong partnership that will benefit both the company and the community in the future.”

Volkswagen Picks Port Freeport For New Gulf Coast Hub

Earlier this month, Volkswagen Group of America, Inc. selected Port Freeport as the new major Gulf Coast hub for its future vehicle logistics port operations, in collaboration with Port Freeport and developer PRP and KDC. With a 20-year lease agreement, Volkswagen Group of America aims to further improve vehicle logistics efficiency and increase importation capacities to serve nearly 300 dealers in the U.S. The new port facilities are set to be operational in early 2024.

Volkswagen Group of America, Port Freeport and developer KDC plan to break ground on the new location in late 2022 and expect for the facility to be operational in early 2024. The company’s current port operations in Houston and Midlothian will be consolidated into the new hub at Port Freeport.

Developing Port Freeport will enable Volkswagen Group of America to import approximately 140,000 vehicles per year, primarily from its production hubs in Mexico, as well as imports from Europe. Port Freeport will allow utilization of low-emission LNG vessels, supporting Volkswagen Group’s goal to improve the environmental footprint of its global logistics.

Port Freeport, TX
A rendering of the Port Freeport site. (Image: Volkswagen Group of America)

“Moving Volkswagen Group of America’s major Gulf Coast hub to Port Freeport is part of our network and growth strategy for the United States,” said Anu Goel, Executive Vice President, Group After Sales & Services, Volkswagen Group of America, Inc. “We’re continuously working to optimize the business and environmental impact of our logistics operations. Our new hub at Port Freeport will allow us to serve nearly one-third of our U.S. dealer network more efficiently and more sustainably. We couldn’t be more excited to work with Port Freeport and developer KDC on this next chapter.”

Currently, Volkswagen Group of America relies on eight ports in the U.S., chosen to optimize distances to its more than 1.000 dealerships and reduce emissions in transportation.

“We are thrilled with Volkswagen Group of America’s decision to choose Port Freeport, which offers state-of-the-art infrastructure and is a rapidly growing port with water, highway and rail accessibility. The port’s proximity to Houston and access to major manufacturing zones make it an ideal location as Volkswagen’s major Gulf Coast hub,” said Phyllis Saathoff, Executive Director and CEO, Port Freeport. “We look forward to working with Volkswagen Group of America on their expanding operations over the next twenty years.”

Volkswagen Group of America’s future operations at Port Freeport are anticipated to create 113 jobs directly at the terminal facility plus many more indirectly through related fields such as trucking and rail, vessel unloading, vessel pilots, and more.

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