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Texas Governor Greg Abbott confirmed Tuesday that Charles Schwab Corp.(NYSE: SCHW) plans to develop a new $100 million regional campus in Westlake, which will house 1,200 new jobs upon completion, confirming last week's Dallas Business Journal story about the move.
"Texas remains the brightest beacon of free enterprise in the nation, and Charles Schwab's decision to expand its operations in North Texas is yet another testament to the Lone Star state's promising economic climate," said Governor Abbott, in a written statement.
"By expanding their facilities, pouring millions into the Texas economy and creating more than a thousand new jobs, Charles Schwab is investing in the North Texas community and bringing more opportunities for our world-class workforce," he added.
As part of the deal, Governor Abbott with the help of the Texas Enterprise Fund has offered Charles Schwab a grant of $6 million on the basis of the firm planning to create at least 1,200 new jobs over the next decade at the proposed Westlake campus. This is the largest such grant given by the Texas Enterprise Fund during Governor Abbott's administration.
The new $100 million, 500,000-square-foot campus will sit on a total of about 70 acres and will anchor a larger proposed Circle T mixed-use development, which will be developed in a partnership with Fort Worth-based Hillwood and The Howard Hughes Corp. of Dallas.
Westlake plans to pony up an estimated $1.3 million in property tax abatement savings and sales tax refunds over a 10-year period based on estimated capital investment and job creation. The deal is pending final approvals.
Charles Schwab expects to get an estimated $1 million in property tax abatement savings over the same time period. This deal has also yet to be finalized.
The land deal closed in mid-July. Terms of the acquisition were undisclosed and officials with Charles Schwab, Hillwood and Howard Hughes declined comment at the time.
The new campus will give Charles Schwab room to expand beyond the 130,000-square-foot office in nearby Roanoke, which can accommodate about 500 employees.
Original article by Candice Carlisle, Dallas Business Journal, August 9, 2016. A link to the original article can be found here.
Topics: jobs, Texas, economy