Monday, February 09, 2015
Toyota considering doubling its $350M headquarters
The new North American headquarters of Toyota Motor Co. (NYSE: TM) in West Plano could be getting a lot bigger.
Dallas-Fort Worth real estate sources say the Japanese automaker is considering doubling its $350 million corporate campus to 2 million square feet, and plans to bring in more jobs than originally anticipated.
Toyota spokesman Javier Moreno declined to discuss whether the company was increasing its footprint when contacted late Wednesday by the Dallas Business Journal.
"We are making great progress on the campus and look forward to beginning formal construction activity in the coming weeks," Moreno said via email."We will be pleased to share new updates about the project as they become available."
Toyota recently broke ground for its headquarters on 100 acres in the Legacy West development, where there's new speculation of a major tenant bringing thousands of employees to the project.
At a presentation last week before the North Texas Commission, Toyota officials showed a brief glimpse of a previously undisclosed rendering of the corporate campus being built in Plano. The company declined to publicly release the rendering, however.
When Toyota initially selected Plano as its new North American headquarters, the company planned to bring 4,000 jobs to the region. The economic impact of the corporate campus and those employees is expected to be $7.2 billion over a period of 10 years.
As part of the relocation agreement, Plano shelled out its largest economic incentive deal in the city's history. Texas also contributed $40 million to the cause.
Construction began on Toyota's new corporate campus in January. The campus is slated to be complete in late 2016 or early 2017.
Candace Carlisle, Dallas Business Journal