Montgomery County and WMATA Announce New Developer for Mixed-Used Innovation Campus Development in North Bethesda
Last week, Maryland Governor Wes Moore, Montgomery County Executive Marc Elrich, and Washington Metropolitan Area Transit Authority (WMATA) announced the selection of Hines, a global real estate investment manager, as the developer for a transformative mixed-used development in North Bethesda. This innovation campus, which will be anchored by the University of Maryland’s Institute for Health Computing, demonstrates the county’s commitment to fueling the growth of its already well-established life sciences and technology industries.
“This will cement Montgomery County as a premier destination for innovation and a hub for life sciences, technology, quantum, and AI companies of all sizes,” said Elana Fine, Board Chair of the Montgomery County Economic Development Corporation. “The development, which will build on the robust research and talent capabilities on the I-270 corridor, will further enhance Montgomery County’s booming and thriving industries, and solidify our reputation as the nation’s 3rd largest biopharma hub.”
The announcement follows a series of large investment news in Montgomery County, including the $2.8 Billion development of Viva White Oak, the opening of AstraZeneca’s new $300 million facility in Rockville, and the relocation of Bernstein Management Corporation to Bethesda, Md.
A Hub for Technology and Innovation
Montgomery County’s strategic location near major federal agencies and research institutions has long positioned it as a technology leader. The county is home to over 6,000 technology companies, over 350 life sciences companies, and boasts the second highest concentration of STEM jobs in the U.S. This North Bethesda development further enhances this status by integrating further cutting-edge research and development into the county’s business ecosystem.