Wells Fargo completes work on Minneapolis campus

Northwestern Financial Review, Oct 1-Oct 14, 2005

Wells Fargo & Co., has completed a five-year redevelopment project to construct a Minneapolis campus. The company hosted a ribbon-cutting ceremony on Sept. 8 to commemorate the completion of the $175 million project.

The campus is the old world headquarters for Honeywell, which is now based in New Jersey. Located very visibly just east of Interstate Highway 35 West in Minneapolis, the development is considered to be a major boost for the city's Phillips neighborhood.

Before he retired in 2002, Jim Campbell told North*Western Financial Review that the investment was meant to demonstrate the commitment Wells Fargo was making to Minneapolis. When California-based Wells Fargo purchased Norwest, there was concern among city officials that the company would pull up stakes and move the entire operation to the West Coast.

Approximately 3,300 Wells Fargo employees are working on the campus. The work groups represent centralized retail telesales and customer service operations; Home Credit Solutions, dedicated to serving customers with special mortgage needs; credit risk management and loan servicing. "We are thrilled with our new home," said Cara Heiden, division president at Wells Fargo Home Mortgage. "We have a centerpiece facility that is a great source of pride for our Twin Cities metro-area team members."

Wells Fargo Home Mortgage purchased the former Honeywell campus in January 2000. Since then, two buildings have been renovated and a new six-story 200,000-square foot office has been built. A new main entrance and a second parking garage were added, and a new skywalk system connects all of the facilities. The campus is designed around a landscaped plaza. In the North Building, employment kiosks and a Home Mortgage store serve members of the Phillips neighborhood and the community.

"We want this to be a great place to work," said Susan Davis, a senior vice president for Wells Fargo Home Mortgage. "Also, we designed buildings and landscaping that enhance the Phillips neighborhood. I think our campus accomplishes both of our objectives."

Wells Fargo, which is one of the largest private employers in the Twin Cities, made the $175 million investment in the south Minneapolis campus without public subsidy. To date, this project is one of the largest private sector investments ever made in a Minneapolis neighborhood. Wells Fargo spent $750,000 on site clean up alone.

Wells Fargo operates the country's largest mortgage network from nearly 2,400 mortgage and Wells Fargo bank branches. Based in Des Moines, Iowa, it services loans for more than five million customers.