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Bank to Build 400,000-SF Operations Center

SHOREVIEW, MN-Wells Fargo & Co.'s $40-million- to $60-million-deal represents a trend in which banks are moving their back office and customer support operations away from congested Downtown districts.

By Jim McCartney | Updated on July 30, 2001

SHOREVIEW, MN-Wells Fargo & Co. plans to build a new operations center here, starting construction in August on a two-story, 400,000-sf building at Rice CreekCorporate Park near Interstate 35W and County Road J. Crediting its steady growth, the San Francisco-based bank expects to add up to 500 new employees at the building, which will also consolidate about 1,200 additional employees from two other Twin Citieslocations.

The project, expected to cost between $40 million and $60 million, isexpected to be finished in mid-2003. The deal represents a trend in which banks are moving some of their back office and customer service operations out of the Downtown business districts to suburban sites, where land is less expensive, traffic is less congested and parking is cheap.

For instance, Minneapolis-based US Bancorp also plans to invest $65 million to expand and consolidate some Twin Cities operations in a proposed project on the West SideFlats across the Mississippi River from Downtown St. Paul.

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