The Montgomery County Council recently approved legislation authorizing up to $420 million in Tax Increment Financing (TIF) bonds for the 280-acre Viva White Oak development, marking another major milestone for one of the county’s largest planned mixed-use projects (updated renderings below, per MCB Real Estate).
In his weekly message to the community, Montgomery County Executive Marc Elrich thanked the Council for approving the financing, calling it a significant step toward transforming the long-underutilized East County site into a major residential, commercial, and life sciences hub.
“When fully built, it will include up to 5,000 homes and millions of square feet of commercial and office space next to the FDA headquarters and Adventist HealthCare’s White Oak Medical Center,” Elrich said. “The project will provide a major boost to the local economy and expand opportunities in the life sciences sector while adding new amenities for residents.”
According to Elrich, the TIF bonds will fund public infrastructure including roads, environmental site cleanup, and other improvements needed to support the development. The bonds will be repaid through future increases in property tax revenue generated within the project, rather than Montgomery County’s general fund.
The County Council had previously approved the creation of the Viva White Oak Development District. The newly approved legislation authorizes the issuance of the bonds needed to begin financing the infrastructure work, with Elrich saying he hopes the first round of financing will begin this fall.
County officials estimate the project will generate thousands of construction jobs in the near term and approximately 9,000 permanent jobs once completed. As momentum continues to build, developer MCB Real Estate also released updated renderings showcasing its vision for the community.
“We’re excited to share updated renderings that bring the vision for this community to life,” MCB said. “Designed to create a vibrant, connected place to live, work, and gather, Viva White Oak represents an important step forward for the future of the region. More to come as we continue moving the project forward.”
Earlier this year, MCB Real Estate announced that Costco Wholesale is planned as the first major retail anchor for the development. The proposed approximately 162,000 SF warehouse would anchor the mixed-use community, which is approved for more than 12 million square feet of development.
Plans for Viva White Oak include housing, retail, hotels, medical office space, parks, bike lanes, trails, land reserved for a future elementary school, and other community amenities. The full project is expected to become a major residential, employment, and retail destination adjacent to the U.S. Food and Drug Administration headquarters and Adventist HealthCare White Oak Medical Center.
