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Kristena Hansen Reporter-Phoenix Business Journal Sep 17, 2013, 10:04pm MST
Wells Fargo & Co is gearing up to build a 410,000-square-foot office facility that will double the size and employee base of its regional campus in Chandler.
Blueprints call for two four-story buildings and a four-story parking garage with the capacity for more than 2,500 spaces, according to the application and project narrative I obtained from Chandler today. It marks the campus’s second phase, which is located on roughly 63 acres at the northwest corner of Price and Queen Creek roads where two existing buildings, totaling 410,000 square feet, and approximately 2,500 employees currently are housed.
The bank submitted this rezoning and preliminary development plan application to the city late last month, but it wasn¹t publicly disclosed until Monday evening during a neighborhood meeting.
The Arizona Builder¹s Exchange first reported the news and cited sources who said the cost of the project could range between $70 million and $90 million.
It’s unclear whether Wells Fargo will create new positions, consolidate existing employees or a combination of the two for since the local bank spokeswoman Lori Brown said she was unable to comment beyond the scope of the documents provided to the city.
Brown did provide this statement:
“Wells Fargo is currently early in the planning process and in talks with the city of Chandler to expand our campus at 2700 South Price Road. As part of this process, Wells Fargo is hosting neighborhood meetings to discuss the development proposal for the Wells Fargo Chandler Campus and recent applications filed with the City of Chandler. As with any large building project, there are a number of factors that will determine whether we go forward with this particular project. At the same time, we are excited about the potential opportunity to deepen our investment in Arizona and look forward to sharing additional details in the near future.”
“Wells Fargo is currently early in the planning process and in talks with the city of Chandler to expand our campus at 2700 South Price Road. As part of this process, Wells Fargo is hosting neighborhood meetings to discuss the development proposal for the Wells Fargo Chandler Campus and recent applications filed with the City of Chandler. As with any large building project, there are a number of factors that will determine whether we go forward with this particular project. At the same time, we are excited about the potential opportunity to deepen our investment in Arizona and look forward to sharing additional details in the near future.”
Wells Fargo is seeking approval from the city’s planning commission to move forward. City spokeswoman Jane Poston said the item had not been posted on a meeting agenda.
Additionally, Wells Fargo noted it plans to build another 920,000 square feet of office space plus a bank branch on another portion of the site in the future.
That would bring the campus size to more than 1.74 million square feet and nearly 10,000 employees.
The second phase announcement comes on the heels of major employment changes at the institution. Last month, Wells Fargo announced it was laying off 331 mortgage-related workers Valleywide and roughly 3,000 nationwide, citing a plunge in mortgage refinancing applications due to recent jumps in interest rates.
Only days later, the company then announced it was hiring 5,000 wealth management and brokerage professionals nationwide — although a specific number for Arizona was unavailable — and another 200 retail positions statewide.
Wells Fargo is the largest bank in Arizona in terms of market share, and employs roughly 12,000 people across the Phoenix area. It is also the fourth-largest employer in Chandler.
Kristena Hansen covers residential and commercial real estate.
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