MCB Real Estate has cleared a major financing and regulatory hurdle for VIVA White Oak, a planned 280-acre mixed-use community in Silver Spring, Maryland. New legislation authorizes up to $420 million in tax increment financing, enabling construction of public infrastructure for the development near the FDA’s White Oak campus and Adventist HealthCare’s White Oak Medical Center.
Key takeaways
The legislation creates the foundation for one of the region’s largest new mixed-use developments and introduces Montgomery County’s first tax increment financing district.
- MCB Real Estate can move forward with construction planning for the $2.7 billion project.
- Up to $420 million in bonds will fund essential public infrastructure.
- The development is planned to include as many as 4,700 homes and more than 3 million square feet of commercial space.
- The first phase is expected to combine residential, retail, medical-office, and community-oriented uses.
Financing clears a critical hurdle
The legislation authorizes bonds that will be repaid through future property tax revenue generated by VIVA White Oak. Under a TIF structure, rising property values and new development within the district produce additional tax revenue that can support repayment of infrastructure-related debt.
The arrangement allows public improvements to be financed in advance, helping the developer establish roads, utilities, and other infrastructure needed to support the large-scale project. It also links repayment to the economic growth expected from the development rather than relying solely on existing tax revenue.
A major development planned for White Oak
VIVA White Oak is positioned next to two significant federal and healthcare institutions: the FDA’s White Oak campus and Adventist HealthCare’s White Oak Medical Center. MCB’s plans envision a district that blends housing, workplaces, healthcare-related facilities, retail, and public gathering spaces.
At full buildout, the project could include:
- Up to 4,700 residential units.
- More than 3 million square feet of laboratory, medical-office, traditional office, and retail space.
- A town center anchored by a grocery store.
- A Costco warehouse.
- More than 1,000 townhomes.
- Three apartment buildings with a combined total of more than 1,000 units.
What the first phase includes
The initial phase is designed to establish VIVA White Oak as a functioning mixed-use destination rather than a collection of individual buildings. Planned components include the Costco, a grocery-anchored town center, a medical-office building, more than 1,000 townhomes, and three apartment communities.
This combination of housing, services, retail, and medical-office space could help create a built-in customer base for commercial tenants while providing new housing near major employment and healthcare centers.
Potential regional impact
The project’s scale could reshape the White Oak area by adding substantial housing and commercial capacity around existing institutional anchors. The infrastructure investment is also expected to support long-term growth as new buildings are completed and property values increase.
With the TIF authorization now in place, MCB Real Estate has a clearer path toward beginning construction on the public infrastructure and first-phase elements needed to advance VIVA White Oak.