The Dallas City Council took a significant step forward in its push to position the city as a financial powerhouse, unanimously approving an $18.5 million tax incentive package aimed at convincing Morgan Stanley to establish a major U.S. operations hub in the city’s Uptown neighborhood.
The vote, which passed without a single dissenting voice on Wednesday, represents one of the more ambitious economic development moves Dallas has made in recent years. The deal is designed to attract an operations center that would bring up to 4,800 jobs and more than $780 million in capital investment to the city, according to Mayor Eric Johnson’s office.
What the deal looks like on the ground
If Morgan Stanley selects Dallas over competing cities, the investment bank would build a permanent office at 2401 McKinney Avenue, situated just north of Woodall Rodgers Freeway in the heart of Uptown. In the interim, the bank would operate out of a temporary regional office at 1445 Ross Avenue, located south of the freeway, while the new facility is developed.
Morgan Stanley, which is headquartered in New York City and operates offices across 42 countries with a global workforce of more than 80,000 employees, has not publicly confirmed its intentions as of this writing. Dallas is not the only city in the running the Atlanta, Georgia area is also under consideration for the hub…