The long-delayed Viva White Oak development project may move forward due to a new financing proposal by Montgomery County.
The 280-acre Viva White Oak project adjacent to the U.S. Food and Drug Administration campus would activate long-underutilized land with up to 12.1 million square feet of commercial, residential, retail, and public space, and “generate more than 17,000 construction jobs, 9,000 permanent jobs, and an estimated $62 million in annual County revenue once complete,” according to a press release.
Announced earlier this month, the proposal’s Tax Increment Financing (TIF) is a tool that local governments can use to pledge future property tax revenues from a designated project area to fund essential public infrastructure, such as roads, utilities, and open spaces.
With TIF financing, Montgomery County can access these funds without impacting existing resources, services, the county’s general fund, or its bond rating.
“Development at this site has languished for years and I’m happy that we are finally moving it forward,” said County Executive Marc Elrich. “This deal represents a real investment in East County, an area that has waited far too long for this kind of attention and opportunity. I want to thank MCB Real Estate for stepping up as a true partner and working with us to unlock the potential of this site. This is what it looks like when we align economic growth with community needs—jobs, housing, infrastructure and green space all in one place. This is the largest and most important real estate development for East County. I am very pleased to have this partnership with MCB Real Estate.”
Baltimore-based MCB signed a contract on Viva White Oak in 2023 and officially announced last year that it was reviving the long-delayed project.
“Now is the time to make real lasting investment in East Montgomery County,” said MCB managing partner & founder P. David Bramble. “We are so pleased to be partnering with the County to bring about generational change to communities that have been ignored and leverage the broad assets of this corridor for the benefit of Montgomery County and the entire State.”
According to county officials, the Viva White Oak development will include nearly 5,000 homes, apartments, and for-sale units, new retail, hotel, and medical office space, and plans for a new elementary school, active parks, bike lanes, and community trails.
An independent analysis by public finance & consulting firm MuniCap estimates that the project will have an assessed value of $2.8 billion, potentially generating up to $320 million for public infrastructure improvements, including new roads, sidewalks, trails, bike lanes, and water and sewer upgrades.
“The Greater Silver Spring Chamber of Commerce has been waiting for Viva White Oak for over a decade and are thrilled that we are so close to seeing it come to fruition,” said chamber President & CEO Stephanie Helsing. “East County needs this investment and the GSSCC feels that the County should use all the tools it has available to promote economic development, particularly in equity focus areas like White Oak and grow the tax base in the County.”
The financing proposal now heads to the Montgomery County Council for approval.
Rendering Courtesy of MCB Real Estate