Pioneer Natural Resources Gets $6 Million In Economic Incentives For New Irving Headquarters Campus
News Article Sponsored by LSE Crane and Transportation
Irving’s city council voted Thursday night to provide almost $6 million in economic incentives for a new office headquarters for Pioneer Natural Resources.
Pioneer Natural Resources – an energy firm already based in Irving – would move almost 1,100 people to the planned 750,000 square-foot office development on Hidden Ridge Drive.
Irving’s leaders approved the incentives for Pioneer after city economic development officials said the energy firm could leave Irving.
“It’s an opportunity to retain a major employer with a very highly paid workforce,” Scott Connell, director of Irving’s Economic Development department, told the council. “A critical issue for us is it secures a major anchor for the Hidden Ridge development.”
Located on 110 acres adjacent to communication firm Verizon’s long-time Irving regional office, the Hidden Ridge development will be constructed adjacent to a new DART commuter rail station.
The ambitious mixed-use project is planned to include more than 2 million square feet of office space, apartments, retail, restaurants and a hotel.
Verizon has told Irving that the development could eventually be worth more than $1 billion and house up to 10,000 workers.
Pioneer’s planned office would sit on 37 acres in the center of the Hidden Ridge development, adjacent to residential and retail center and the new transit station.
“We are very excited about retaining a major employer in our community,” Connell said. “The company is still considering opportunities in other Metroplex cities.
“The company has indicated to us the preference for an option for a new facility to be built.”
Real estate brokers say that Dallas developer KDC is working with Verizon and Pioneer on the planned project. KDC is the same company building Toyota Motors and Liberty Mutual Insurance’s new office campuses in West Plano.
To land the Pioneer project, Irving agreed to give the company more than more than $5 million in property tax abatements over a 10-year period. The city council also voted to give Pioneer cash economic grants of more than $700,000 to be paid in installments over a period of several years.
To qualify for the initial economic incentives Pioneer will have to have its new Hidden Ridge offices open by 2020 and 1,090 people working there. The company has said it expects to grow its workforce by more than 300 people after the project is finished.
Pioneer Natural Resources is currently housed in 600,000 square feet in the landmark Williams Square office complex in Las Colinas’ Urban Center.
Irving’s city council previously approved zoning for Verizon’s Hidden Ridge development after months of delay.
The city bargained with Verizon over the number and quality of apartments planned in the project – requiring the development of the first office and retail buildings come before the rental units.
Irving’s agreement also requires Hidden Ridge to build a large portion of its apartments in a high-rise building of at least seven floors.
“I’m sick of us losing residents to Uptown,” Irving mayor Beth Van Duyne said when the city approved Verizon’s zoning request. “I’m excited by the high-rise.
“I think Irving is every bit as good if not better as some of these other areas.”
Construction on the Hidden Ridge project could begin as soon as late this year. Architect Gensler has been working on master plans for the transit-oriented development.
Verizon first proposed the development last year.
The telecom company has several thousand workers at its existing campus on Hidden Ridge west of State Highway 114. Built in the early 1990s, the buildings contain more than 1 million square feet.
Along with Pioneer Natural Resources’ offices, Hidden Ridge will include apartments, shops, restaurants and a hotel. (Gensler)
Click HERE to Read Article From Publisher