Montgomery County has authorized up to $420 million in tax increment financing bonds for MCB Real Estate’s VIVA White Oak development, clearing a major infrastructure financing hurdle for the $2.7 billion Maryland project. The 280-acre plan combines housing, retail, medical office and life sciences space. Here is what the financing, timeline and phased buildout mean.
Key Takeaways
- Montgomery County authorized up to $420 million in tax increment financing bonds for VIVA White Oak.
- The 280-acre development is being led by MCB Real Estate in White Oak, Maryland.
- Current county figures call for more than 4,400 residences and more than 3 million square feet of lab, office, medical-office and retail space.
- Construction is expected to begin in fall 2026, with development continuing in phases through 2044.
- The financing represents Montgomery County’s first use of a tax increment financing structure.
VIVA White Oak Clears a Major Financing Hurdle
The VIVA White Oak development is moving closer to construction after Montgomery County Executive Marc Elrich signed legislation on Aug. 28 authorizing up to $420 million in tax increment financing bonds.
The legislation, Expedited Bill 31-26, followed unanimous County Council approval in July. MCB Real Estate said the authorization allows construction of the $2.7 billion, 280-acre mixed-use development to proceed, with site work advancing ahead of a planned groundbreaking later in 2026.
“This is a project that has been discussed and planned for a long time,” Elrich said, adding that residents are reaching the point where they will “actually begin seeing it take shape.”
Montgomery County Economic Development Corporation said construction is expected to begin in fall 2026. The development sits adjacent to the U.S. Food and Drug Administration headquarters and near Adventist HealthCare White Oak Medical Center.
The $420 Million TIF Will Fund Public Infrastructure
The financing is intended primarily for infrastructure required before much of the residential and commercial construction can proceed.
Under tax increment financing, bonds are repaid using future tax revenue generated as property values and taxable development within the designated district increase. Montgomery County describes VIVA White Oak as its first use of a TIF structure.
Planned infrastructure work includes soil remediation, road construction and realignment, water and sewer lines, utility extensions, pedestrian and bicycle facilities, landscaping and improvements to site access.
County documents identify work involving FDA Boulevard, VIVA White Oak Way, the Adventist Health Connector, Industrial Parkway and Cherry Hill Road. The county’s fiscal analysis concluded that TIF funding was necessary to make the development financially feasible and provide infrastructure without drawing on other county resources.
The emphasis on infrastructure before vertical construction is also visible in other large master-planned projects. The recently completed University Hills infrastructure phase in Southern Dallas preceded additional residential and commercial development planned across another roughly 280-acre site.
MCB Real Estate Plans a 280-Acre Mixed-Use District
MCB Real Estate is leading development of VIVA White Oak, which is designed to combine housing with retail, healthcare, office, laboratory and other commercial uses.
The site has been approved for up to roughly 12 million square feet of development. The latest Montgomery County Economic Development Corporation announcement describes the current program as including more than 4,400 residences and more than 3 million square feet of laboratory, office, medical-office and retail space.
The site’s location is central to the commercial plan. VIVA White Oak is next to the FDA’s White Oak campus and near Adventist HealthCare White Oak Medical Center, placing its planned medical and life sciences components near established health and research institutions.
MCB became the lead developer after securing an option in 2023 to acquire a majority ownership interest in the property from Global LifeSci Development Corporation, according to Montgomery County’s fiscal report.
Rather than completing the development in a single construction cycle, the project is structured around multiple stages extending into the 2040s.
More Than 4,400 Residences Are Planned
Housing represents one of the largest components of the VIVA White Oak development.
According to the county economic-development organization’s Sept. 1 announcement, the first phase is expected to deliver more than 960 townhomes and 1,000 apartments. That phase is currently expected to be completed by 2031.
The second phase is planned to add almost 2,500 additional housing units between 2033 and 2044.
Earlier county planning documents provide a more detailed breakdown of the residential program. Those plans identified 552 townhouses, 386 two-over-two residences, 3,470 rental apartments and 300 age-restricted senior living apartments across the overall development.
The residential construction is being planned alongside commercial and institutional uses rather than as a standalone housing project.
Phase One combines housing with retail, medical-office and hotel space. The later development stage is expected to add more housing alongside life sciences offices, laboratories and manufacturing facilities.
Commercial Plans Center on Retail and Life Sciences
VIVA White Oak is planned to contain more than 3 million square feet of laboratory, traditional office, medical-office and retail space, according to the latest county announcement.
Phase One is expected to include approximately 470,000 square feet of retail space, 92,000 square feet of medical-office space and a 175-room hotel with meeting facilities.
The commercial focus changes substantially in the later phase.
Between 2033 and 2044, current plans call for 1.3 million square feet of life sciences office and laboratory space and 400,000 square feet of Current Good Manufacturing Practice life sciences manufacturing space. A 150-room hotel is also planned.
The combination of housing, hospitality, retail, healthcare and employment space gives VIVA White Oak a considerably different physical structure from mixed-use projects concentrated within a single building. Austin’s recently completed Waterline tower, for example, combines residential, hotel, office and retail uses within approximately 2.7 million square feet in one 74-story structure.
At VIVA White Oak, those uses will instead be distributed across a 280-acre development district.
Construction Is Expected to Begin in Fall 2026
The next major milestone for the VIVA White Oak development is construction.
Photo Credit: Unsplash.com
Montgomery County Economic Development Corporation said work is expected to begin in fall 2026. MCB Real Estate separately said site work would move forward following the bond authorization, with an official groundbreaking planned before the end of the year.
Infrastructure will be a significant part of the initial work because roads, utilities, water and sewer systems and soil remediation must support the planned vertical development.
That construction will occur as builders across the United States continue to manage higher construction material costs. A July 2026 NAHB/Wells Fargo survey found a median 6.7% annual increase in material costs for the same house, although VIVA White Oak’s TIF structure specifically addresses public infrastructure rather than the full cost of private vertical construction.
The county’s economic-development organization projects that the completed VIVA White Oak development could support 19,000 construction jobs and 9,000 permanent jobs. It also projects $4.9 billion in annual economic output and approximately $21 million in new annual county revenue. Those figures remain projections rather than realized results.
The construction schedule stretches well beyond the initial groundbreaking. The latest county timeline places Phase One completion by 2031 and the second phase between 2033 and 2044.
The Financing Shifts the Project Toward Execution
VIVA White Oak has been discussed through multiple planning and financing stages, but the bond authorization establishes a mechanism for funding infrastructure needed to move construction forward.
The county’s fiscal review concluded that the TIF structure improves the project’s financial feasibility and allows eligible infrastructure to be financed through tax revenue generated within the development district. County projections also anticipate that tax revenue through the life of the financing will exceed costs associated with the TIF bonds and public services tied to the project.
For MCB Real Estate, the immediate focus now shifts from securing the financing structure toward infrastructure work and construction. The development remains a long-term project, with the final phase currently extending through 2044.
The significance of the latest milestone for the VIVA White Oak development is therefore not completion, but the transition from planning and financing toward physical construction.
Frequently Asked Questions
What is the VIVA White Oak development?
VIVA White Oak is a planned 280-acre mixed-use development in White Oak, Maryland, led by MCB Real Estate. Plans combine residential, retail, medical-office, office, laboratory, life sciences and hospitality uses.
How much is the VIVA White Oak development expected to cost?
The latest county and MCB announcements describe the project as an approximately $2.7 billion development. Montgomery County has authorized up to $420 million in tax increment financing bonds to support public infrastructure.
How many homes are planned for VIVA White Oak?
The latest county announcement says more than 4,400 residences are planned across the development. Phase One includes more than 960 townhomes and 1,000 apartments, with almost 2,500 additional housing units planned during the later phase.
Where is VIVA White Oak located?
The project is located in White Oak in Montgomery County, Maryland. Its 280-acre site is adjacent to the FDA headquarters and near Adventist HealthCare White Oak Medical Center.
When will VIVA White Oak construction begin?
Construction on the VIVA White Oak development is expected to begin in fall 2026, according to Montgomery County Economic Development Corporation. MCB Real Estate has also said an official groundbreaking is planned later in 2026.
