Dallas City Council approves $18.5M in tax incentives in attempt to bring Morgan Stanley to Uptown area

June 24, 2026 / 1:27 PM CDT / CBS Texas. [CBS DFW]

Morgan Stanley's New U.S. Operations Hub Brings Jobs and Investment to Dallas.

A major development in the city's financial sector has been approved by the Dallas City Council, with a unanimously voted tax incentive of $18 million set to attract investment bank Morgan Stanley to build its next major operations hub on McKinney Avenue. The deal is expected to bring up to 4,800 new jobs and over $780 million in capital investment to the city.

According to Mayor Eric Johnson, "such a hub would be a boon for the city," as it will solidify Dallas's position as a growing financial services sector player. The proposed hub is part of Morgan Stanley's larger U.S. operations expansion plans. However, some concerns have been raised about the potential impact on traffic in Oak Cliff, where residents may face increased congestion due to the revised convention center design.

The revised design, which was initially approved but later modified by a Transportation and Infrastructure Committee request, will no longer allow for the construction of viaducts along Houston Street and Jefferson Street, potentially disrupting traffic flow from the Oak Cliff area into Downtown Dallas.