SILVER SPRING, MD — A well-known wholesaler is set to broaden its reach in Montgomery County, Maryland.
The Viva White Oak development has officially welcomed Costco as its first anchor store, as confirmed by the agency in a press release.
Developed by Baltimore-based MCB Real Estate, the Viva White Oak project aims to transform 280 acres into a vibrant mixed-use district, projected to generate over 17,000 construction jobs throughout its development.
“VIVA White Oak is set to become the leading retail hub in the region, supported by brands that drive market trends,” stated Drew Gorman, Principal at MCB.
“This announcement underscores the recognition from national retailers, regional anchors, and top-tier restaurants of the location’s potential, making this project a wise long-term investment.”
Costco will establish its third location in Montgomery County with this partnership, joining existing stores in the Gaithersburg and Wheaton areas.
The Viva White Oak site is strategically located near the U.S. Food and Drug Administration headquarters and the Adventist HealthCare White Oak Medical Center.
This announcement follows the unanimous approval from the Montgomery County Council for the initial tax increment financing agreement with MCB Real Estate.
This resolution enables the developer to utilize future property tax revenues to support construction efforts.
Although the project is still in its early phases, full completion is not expected until 2043.
MCB Real Estate anticipates the development will yield $62 million in annual revenue for the county, with $33 million projected from its first phase.
