MCB Real Estate Praises Montgomery County Council for Passage of First-Ever TIF to Support Viva White Oak

WHITE OAK, MD. – The Montgomery County Council today passed the first-ever Tax Increment Financing (TIF) resolution to create the Viva White Oak Development District to support the $2.8 billion transformative mixed-use development in East County.

Located on 280 acres adjacent to the U.S. Food and Drug Administration campus, Viva White Oak will activate long-underutilized land with 5,000 new residential units, as well as new commercial, retail and public spaces, including active parks, bike lanes and community trails. The development will generate 17,000 construction jobs, 9,000 permanent jobs, and an estimated $62 million in annual County revenue once complete.

“I want to thank the entire Montgomery County Council, as well as County Executive Elrich and his staff, for their collaborative work on this legislation,” said P. David Bramble, Co-Founder and Managing Partner of MCB Real Estate. “Viva White Oak will be a game changer for East County and these communities that have been overlooked for far too long. We are excited to get to work to bring real and deep investment to this area, bring in high quality retail, new jobs and quality residential to this part of Maryland.”

MCB entered into contract on the Viva White Oak property in 2023 and has been working with community leaders, State and local officials and local institutions to support a bold, regional vision for the future of this long-ignored property. This plan includes significant new public infrastructure, roads and public spaces – which will be supported by the new TIF plan passed today.

“I want to especially thank Friends of White Oak, LABQUEST, Tamarack Triangle Civic Association, and Greater Colesville Citizens Association,” said Mr. Bramble. “Without the input of community residents, we would not have made it to today.”

TIFs are tools that local governments can use to pledge future property tax revenues from within the project area to fund core public infrastructure such as roads, utilities, and open space, without impacting existing County resources or services. An independent analysis, conducted by MuniCap on behalf of the County, determined that there is the potential to generate up to $320 million in net proceeds for public infrastructure improvements, including new roads, sidewalks, trails and bike lanes, and water and sewer infrastructure.

The Council will consider a resolution for bond issuance this summer.

Founded in 2007, MCB Real Estate is a community-centric, privately held investment management firm and developer based in Baltimore, Maryland. MCB has $4 billion in assets under management and a portfolio of approximately 22 million square-feet of industrial, office, retail, mixed-use, multi-family and life sciences properties, with nearly six million square-feet in development. The firm offers a seamlessly integrated suite of commercial real estate investment services, including acquisitions, development, construction, asset management, property management, leasing, marketing, financing and legal expertise, ensuring comprehensive support throughout every stage of an asset’s lifecycle. For more information, please visit: www.mcbrealestate.com