COVINGTON, KY (AP) A financial services company announced plans to build a facility in northern Kentucky that would create more than 700 new jobs.

Fidelity Investments is planning to build a 350,000 sq.-ft. building on its existing campus in Covington that would combine the company’s Midwest operations into one location, the company said. It is expected to open in 2007.

“We look forward to expanding our facilities and committing to long-term job growth right here in Covington,” Robert Reynolds, the company’s vice chairman and chief operating officer, said in a press release.

Currently, the Boston-based company already has three buildings at its Covington location, and is home to more than 2,900 employees. The expansion would bring about 1,500 jobs to Kentucky, but about 700 of them already exist at the company’s Ohio facility, said Mandy Lambert, a spokeswoman for the Cabinet for Economic Development.

For its investment in Kentucky, Fidelity is eligible for up to $10 million in state tax breaks under the Kentucky Jobs Development Act, according to a press release. The state also has promised to build a new $17.5 million, 1.7 mile connector road to the Fidelity campus. Local governments in Covington and Kenton County also have promised to help fund and maintain the road, according to the release.

When completed, the Covington location would house a call center for Fidelity Personal Investments, regional operations for Fidelity Institutional Retirement Services Company and Fidelity Enterprise Processing Services.

Construction is scheduled to begin later this year.

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