MCB Real Estate is poised to launch another large-scale project in Maryland.
The Baltimore firm confirmed it will break ground next year on Viva White Oak, a multibillion-dollar Silver Spring project located next to the U.S. Food and Drug Administration’s headquarters that has languished for more than a decade.
The Washington Business Journal reported in January that MCB Real Estate was taking up the torch for the stalled project, citing a budget proposal by Montgomery County Executive Marc Elrich. MCB Real Estate declined to comment at the time, but in a Thursday press release confirmed its role in the 280-acre project that will have residential, commercial and a focus on biohealth leasing.
The site is approved for over 12 million square feet of mixed-use development, including up to 4,500 residential units and more than 6 million square feet of commercial and higher-education uses. County officials could commit up to $40 million to the development for infrastructure and new roads.
