Montgomery County has launched a pioneering financial scheme to propel the $2.8 billion Viva White Oak development project. As reported by the county's own press page, this Tax Increment Financing (TIF) is designed to breathe new life into East County, a sector that has been overlooked for too long. The project, in partnership with MCB Real Estate, aims to create a mixed-use space that will generate thousands of jobs, along with a mix of housing, retail, and open spaces.
County Executive Marc Elrich expressed his enthusiasm for the Viva White Oak initiative, stating, "This deal represents a real investment in East County, an area that has waited far too long for this kind of attention and opportunity." The project is set to utilize 280 acres adjacent to the U.S. Food and Drug Administration campus, according to an announcement from the Montgomery County.
With expectations to stimulate the creation of over 17,000 construction jobs, 9,000 permanent jobs, and an annual county revenue surge estimated at $62 million upon completion, the TIF proposal represents not just an investment in infrastructure but in the economic empowerment of East County's community. MCB Real Estate's managing partner/founder P. David Bramble underscored the goal of the partnership, aiming 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."
Councilmember Kristin Mink voiced her support for the substantial development, pointing out the necessity for "quality retail, quality housing, and public amenities that serve East County residents and serve as destinations for others." She praised MCB's emphasis on community engagement, expressing a forward-looking stance for the area's economic development, which she shared in a press statement. The Viva White Oak property deal came to fruition in 2023 and since then MCB has engaged actively with community leaders to support a bold, regional vision for this previously sidelined tract.
The project's vast scale and its promise of thousands of jobs and significant tax revenue echo the ambitions of a county ready not only to just upgrade, but to wholly transform the economic landscape of East County. With the TIF agreement, Montgomery County and MCB Real Estate seem to have set the first stone on what they hope will be a prosperous path for a region set to see the rise of Viva White Oak.
