Last week, Montgomery County Executive Marc Elrich signed legislation authorizing up to $420 million in tax increment financing bonds to help finance Viva White Oak, a $2.7 billion investment featuring more than 3 million square feet of lab space, office/medical office, retail, and over 4,400 quality residences. The 280-acre site, which is located adjacent to the FDA headquarters and near Adventist HealthCare White Oak Medical Center, is expected to begin construction this fall.
“This is a project that has been discussed and planned for a long time, and now we are getting to the point where people will actually begin seeing it take shape,” said County Executive Elrich. “VIVA White Oak will bring thousands of homes, good jobs, restaurants, stores, and other amenities to an area of the County that has needed this level of investment for decades. We found a financing approach that allows us to build the infrastructure needed to make this development possible while using the new tax revenue generated by the project to repay the bonds. I appreciate the Council, our State partners, MCB, and especially the East County residents who kept pushing to get us to this point.”
Anchored by Costco and with a focus on innovation and research and development, Viva White Oak represents one of the largest development opportunities in Montgomery County in recent years. Once completed, the development is expected to generate $4.9 billion in annual economic output and give the County $21 million year in new revenue. Additionally, the new development is projected to generate 19,000 construction jobs and 9,000 permanent jobs.
“Viva White Oak demonstrates the County’s continued commitment to supporting growth and investment in Montgomery County,” said Jared Smith, President & CEO of the Montgomery County Economic Development Corporation (MCEDC). “The County’s first TIF gives us another important tool to compete for investment, attract businesses, and create jobs. Montgomery County has tremendous assets and opportunities, and using tools like this strategically will help us translate those strengths into long-term economic growth.”
Viva White Oak is expected to take place in two phases. In phase one, which is expected to be completed by 2031, it will deliver over 960 townhomes, 1,000 apartments, 470,000 square feet of retail space, a 175-room hotel with meeting space, up to 1,279 permanent on-site jobs, and 92,000 square feet of medical office space. Phase two, which will take place between 2033 and 2044, will deliver 1.3 million square feet of life sciences office and lab space, 400,000 square feet of Current Good Manufacturing Practice (cGMP) life sciences manufacturing, almost 2,500 additional housing units delivered, a 150-room hotel dedicated to supporting innovation, and over 3,800 permanent on-site jobs.
Viva White Oak represents the County’s first use of a TIF and follows a push by Montgomery County to remove barriers and create new opportunities for businesses to invest, grow, and create jobs. In July, the Montgomery County Council approved the Job Creation Project zoning initiative, which is expected to cut permitting time in half for development projects that are in Montgomery County’s key industries—including life sciences and technology— or are expected to create at least 200 local jobs, further showcasing the County’s commitment to powering economic growth in target industries.
