Montgomery County has taken another major step toward advancing the long-planned VIVA White Oak development, with officials ceremonially signing legislation authorizing up to $420 million in bonds to support infrastructure for the estimated $2.7 billion project.
The County Council unanimously approved the legislation in July, authorizing Montgomery County’s first use of Tax Increment Financing (TIF). The financing will support infrastructure including roads, water and sewer systems, utility connections and soil remediation, with the bonds expected to be repaid using a portion of new property tax revenue generated by the development.
At full buildout, VIVA White Oak is expected to include more than 4,400 residences and over 3 million square feet of laboratory, office, medical-office and retail space across the 280-acre development district. The project is expected to generate approximately 9,000 permanent jobs and 19,000 construction jobs.
“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,” County Executive Marc Elrich said.
The first phase is planned to include a Costco, two apartment buildings totaling 1,000 units, townhomes and a town center with retail and an anchor grocery store. Phase One is expected to be completed by 2033, with the full development anticipated by 2044.
Located near the U.S. Food and Drug Administration headquarters and Adventist HealthCare White Oak Medical Center, VIVA White Oak is expected to represent approximately $2.7 billion in private investment, described by the County as the largest private investment in the history of eastern Montgomery County.
The County projects the development will generate more than $21 million in annual County revenue beginning in 2033, with revenue expected to increase in subsequent years. The first round of financing is expected to begin later this year.
