MCB Real Estate Secures $420 Million TIF Authorization to Launch $2.7 Billion VIVA White Oak Development in Silver Spring

Montgomery County Executive Marc Elrich signed Expedited Bill 31-26 into law on August 28, 2026, authorizing up to $420 million in Tax Increment Financing bonds for MCB Real Estate's VIVA White Oak development in Silver Spring, Maryland — clearing the final public-finance hurdle for what the Baltimore-based firm describes as a $2.7 billion, 280-acre mixed-use district adjacent to the U.S. Food and Drug Administration's White Oak campus and Adventist HealthCare White Oak Medical Center.

The legislation, which received unanimous approval from the Montgomery County Council before reaching the county executive's desk, establishes the county's first-ever TIF district. Under the structure, the $420 million in special obligation bonds will be repaid through new property tax revenues generated as development raises property values within the district. MCB Real Estate said site work will move forward immediately, with an official groundbreaking scheduled for later in 2026.

What the Bond Authorization Funds

The $420 million in bond proceeds are designated for public infrastructure that must be in place before vertical construction can scale across the 280-acre site. Planned uses include soil remediation, new connector roads, water and sewer lines, utility extensions, and site access improvements — costs that would otherwise fall outside the scope of private development financing.

The TIF mechanism allows MCB Real Estate to advance a project of this scale without requiring the county to appropriate infrastructure funds from its general budget upfront. Instead, the incremental property tax revenue created by new development services the bond debt over time.

"We appreciate County Executive Elrich and the Montgomery County Council for recognizing the vast potential of VIVA White Oak," said P. David Bramble, co-founder and managing partner of MCB Real Estate. "This development marks a major turning point for Eastern Montgomery County and unlocks nearly unlimited potential. Our team is ready to execute on this momentum, bringing deep financial resources, premier retail, quality housing, and long-term career growth to this part of Maryland."

Project Scope and First-Phase Program

At full buildout, VIVA White Oak is planned for up to 12.1 million square feet of mixed uses, including residential, retail, medical office, laboratory, traditional office, and public space. The development program calls for up to 4,700 residential units and more than three million square feet of lab, medical office, office, and retail space.

The first phase centers on a Costco alongside a town center anchored by a grocery store, medical office space, more than 1,000 new townhomes, and three apartment buildings totaling more than 1,000 units. The site is located near 10903 New Hampshire Ave. in the White Oak submarket of Silver Spring.

The project is designed to fulfill the vision of the White Oak Science Gateway Master Plan, which calls for integrating housing, life sciences research, healthcare, and neighborhood retail into a single connected community. Its adjacency to the FDA headquarters and Adventist HealthCare White Oak Medical Center positions the district within an established healthcare and federal government corridor.

Economic Impact Projections

MCB Real Estate projects that VIVA White Oak will generate 19,000 construction jobs and 9,000 permanent positions at full completion, along with more than $21 million in annual county revenue. Those figures represent a revision from earlier projections associated with the project, which had cited 17,000 construction jobs and $62 million in annual county revenue — a difference that reflects updated planning assumptions as the development program evolved.

The county's authorization of TIF financing removes what had been the central obstacle to breaking ground: the need for substantial upfront public infrastructure investment before private vertical development could proceed at scale.

Market Context and MCB Real Estate's Position

The VIVA White Oak development advances against a backdrop of elevated office vacancy in suburban Maryland. Office vacancy in the region stood at 19.0% as of mid-2026, up approximately 0.9 percentage points year over year, with roughly 17 million square feet of space sitting vacant across the suburban Maryland market. In Washington, D.C., office vacancy reached 23.2% in the first quarter of 2026. That environment has pushed large-scale projects toward mixed-use programming rather than pure office development.

The residential component of VIVA White Oak is positioned in a comparatively healthier market. Montgomery County's multifamily inventory stood at approximately 97,117 units as of early 2026, with average rents of $2,167 and stabilized vacancy around 7.0%. Silver Spring is among the submarkets expected to hold near that vacancy level, reflecting more balanced rental demand than the office sector in the same geography.

MCB Real Estate, founded in 2007 and headquartered in Baltimore, manages approximately $4 billion in assets under management across roughly 22 million square feet of property nationwide. The firm reports nearly six million square feet in its development pipeline. Property types in its portfolio include industrial, office, retail, mixed-use, multifamily, and healthcare assets.

VIVA White Oak represents one of the largest active mixed-use development undertakings in the Washington metropolitan region. With the TIF legislation signed and site work set to begin, MCB Real Estate is targeting a groundbreaking later in 2026 on a project that, at full completion, would reshape the White Oak corridor of Eastern Montgomery County.

Sources

MCB Real Estate — Official Announcement, August 28, 2026