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MCB Real Estate Moves $2.7B Development Forward
MCB Real Estate announced the signing of legislation authorizing up to $420 million in Tax Increment Financing (TIF) for VIVA White Oak.
This establishes the county’s first-ever TIF district and allows MCB Real Estate to begin construction of the $2.7 billion, 280-acre mixed-use development. The $420 million in bonds will be utilized to build crucial public infrastructure. A TIF allows for the bonds to be repaid through new property tax revenues generated by the new development as property values grow.
VIVA White Oak is a mixed-use development being developed by MCB Real Estate, located adjacent to the FDA’s White Oak campus and Adventist HealthCare’s White Oak Medical Center in Silver Spring, Maryland. Plans call for up to 4,700 residential units and more than three million square feet of laboratory, medical office, traditional office, and retail space. The first phase features a Costco, a town center with an anchor grocery store, a medical office, over 1,000 new townhomes, and three apartment buildings totaling over 1,000 units.
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