Federal Realty Investment Trust announced it has acquired the Congressional North Shopping Center in Rockville for $72.3 million.
The Montgomery County Council unanimously approved the “Accelerate MoCo” legislative package, led by Councilmember Andrew Friedson and co-led in part by Councilmember Laurie-Anne Sayles, aimed at streamlining approval processes for biohealth projects and mixed-income housing developments.
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.
The Montgomery County Department of Transportation (MCDOT) announced that a Ride On bus stop on eastbound Wayne Avenue between Fenton Street and Cedar Street in Silver Spring (Stop ID 27061) will be closed starting Tuesday, March 24 for approximately two weeks due to sidewalk construction.
A recently completed apartment conversion in downtown Silver Spring has changed hands. The Guardian, a 167-unit residential building at 8605 Cameron Street, sold for $14.3 million at a substitute trustee’s auction on February 26. The sale reflects the tenant’s interest in a ground lease for the property, according to Maryland Newsletters, which first reported details of the transaction.
Blackbird Health has expanded into Maryland with a new pediatric mental health clinic in Gaithersburg, bringing additional behavioral health resources to children, teens, young adults, and families throughout Montgomery County.
Located at 555 Quince Orchard Road, Suite 250, the clinic offers comprehensive pediatric mental health services, including ADHD and autism evaluations, neuropsychological testing, therapy, psychiatry, and medication management.
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Bring your family and friends to our free , all-day outdoor Oktoberfest celebration. These will be an outdoor craft fair featuring local artisans and professional woodworkers, a chainsaw carving, woodworking and tool demonstrations by Festool, Montgomery Wood Turners and Carvers. There will also be lots of delicious food provided by El Parente Tacos, El Jeffe Wood-fired pizzas, Bruster's Ice cream and seasonal craft brews from Saints Row Brwsing Company.
Dan’s Fan City, a longtime fixture along Rockville Pike, has closed permanently. Signage at the storefront, located at 1059 Rockville Pike, was removed on Tuesday.
Montgomery County Public Schools is inviting the community to lace up and take part in a brand new event aimed at making a meaningful impact. The first-ever Superintendent’s Shuffle will take place on Saturday, April 11 at Bohrer Park in Gaithersburg, bringing together students, families, staff, and residents for a morning focused on fitness and giving back.
A 55-year-old Garrett Park man has been sentenced to 37 months in federal prison after admitting to mailing threatening communications to Jewish institutions and organizations across the country, the U.S. […]
Montgomery County Police 3rd District officers recovered a loaded handgun during a traffic stop in the White Oak area of Silver Spring on Tuesday. (more…)
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Baruch Café at 4800 Auburn Avenue in Bethesda has announced it will permanently close on Sunday, March 29. (more…)
The Montgomery County Department of Health and Human Services will host its first “Colorectal Cancer Awareness Walk for Life” on Friday, March 20 from 11 am to 1 pm at Martin Luther King, Jr. Recreational Park in Silver Spring. The free event will focus on raising awareness about colorectal cancer prevention and the importance of early detection, with on-site registration beginning at 10:30 am.
Montgomery County Fire and Rescue Service crews responded around 4:15pm on Tuesday to the railroad crossing at Randolph Road and Nebel Street in Rockville for a collision involving a train and a vehicle. (more…)