New Dallas Corporate Hub
Morgan Stanley chooses Dallas over Georgia for a massive $1.3 billion corporate hub.
Anonymous
Morgan Stanley chose Dallas over Alpharetta, Georgia, for a major U.S. operations hub, with the decision supported by financial incentives from the city and state. The bank expects to invest $684 million and create more than 3,800 jobs by 2035; officials estimate the broader direct and indirect investment will exceed $1.3 billion. Morgan Stanley will initially operate from Fountain Place before moving into a planned Uptown tower near McKinney Avenue and Fairmount Street, expected to be completed around 2031. The incentive package includes up to $18.5 million from Dallas, a roughly $43.8 million Texas Enterprise Fund grant, a veterans’ hiring bonus and tax abatements.
Key Points
1
Morgan Stanley plans to bring 1,500 jobs to Dallas by 2031, including about $97 million of investment at its temporary Fountain Place location; the company expects to invest more than $587 million in its new Uptown building.
2
The new Uptown campus is expected to total about 700,000 square feet. Developer Trammell Crow Company is expected to invest an additional $650 million in its construction.
3
Morgan Stanley is seeking to have the Uptown site designated a “triple jumbo” enterprise zone, a status for megaprojects creating at least 500 jobs that can qualify companies for sales- and use-tax refunds of up to $3.75 million.
4
The city’s tax abatements are structured in two phases: a five-year abatement on 90% of the added taxable value of business personal property for the first phase, and a 10-year abatement on 90% of the added taxable value from the second phase.
Sentiment
Mostly PositiveNEGATIVENEUTRALPOSITIVE
Publishers
24
Articles
12
Reach
36
A
AnonymousAuthor
