The Montgomery County Council Approves Tax Increment Financing Bonds for Viva White Oak Development

Last week, the Montgomery County Council approved $420 million in tax increment financing bonds to help finance Viva White Oak, a $2.8 billion investment featuring more than 3 million square feet of lab space, office/medical office, retail, and up to 5,000 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.

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 $60 million a year in new revenue. Additionally, the new development is projected to generate 19,000 construction jobs and 9,000 permanent jobs.

Viva White Oak is expected to take place in two phases. In phase one, 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 showcases the County’s commitment to powering economic growth in target industries.