SILVER SPRING, Md. — MCB Real Estate has unveiled plans to develop VIVA White Oak, a 280-acre mixed-use project anchored by healthcare space in Silver Spring, approximately six miles north of downtown Washington, D.C.
Plans call for 3 million square feet of lab, office, research and medical space; 525,000 square feet of retail; 3,000 square feet of hotel space; 75,000 square feet of senior living; 4,500 private residences; and 85 acres of open space. MCB is currently working with stakeholders and public officials to refine the specifics, but the healthcare component will focus on the life sciences and biohealth industries.
MCB plans to break ground on the first phase of the project in 2025. The development will offer direct access to U.S. Route 29 and is near the University of Maryland.
The project site, which has been approved for 12 million square feet of mixed-use development by Montgomery County, is adjacent to the U.S. Food and Drug Administration headquarters and near the Adventist HealthCare White Oak Medical Center.
According to the Washington Business Journal, VIVA White Oak was originally a $3 billion project spearheaded by Global LifeSciences Development Corp. but was long stalled. MCB will now develop the project with Global LifeSciences remaining invested as a minority partner in the venture.
Founded in 2007, MCB is a privately held institutional investment management firm headquartered in Baltimore. The company’s portfolio totals $3 billion of assets under management across 15 million square feet of industrial, office, retail, mixed-use, multifamily and life sciences properties.
— Kristin Harlow