Get ready for a game-changer in Montgomery County! The highly anticipated Costco Wholesale store is set to make its grand entrance at the VIVA White Oak development, marking a significant milestone for the area. But here's where it gets exciting: this Costco isn't just any ordinary store. It's the first major retail anchor for a massive 280-acre mixed-use project, promising to be a game-changer for the community.
The proposed warehouse, spanning approximately 162,000 square feet, will serve as a beacon of retail interest, attracting visitors from near and far. Located strategically near the U.S. Food and Drug Administration headquarters and Adventist HealthCare White Oak Medical Center, with easy access to U.S. 29 and Cherry Hill Road, it's poised to become a bustling hub for residents and businesses alike.
But that's not all! The broader VIVA White Oak project is set to be a development powerhouse, boasting over 12 million square feet of mixed-use space. From housing and retail to hotels and medical offices, it's a one-stop shop for all things essential. And that's not all - the project is also reserved for a new elementary school, parks, bike lanes, and trails, making it a truly comprehensive and vibrant community hub.
The Montgomery County Council recently took a significant step forward by approving the first-ever Tax Increment Financing (TIF) resolution to establish the Viva White Oak Development District. This financing mechanism is a game-changer, allowing future property tax revenue generated within the development to fund major infrastructure improvements, including roads, sidewalks, trails, bike lanes, and water and sewer upgrades. It's a win-win for the community, as the project is expected to generate up to $320 million for public infrastructure over time, while also transforming the long-underutilized site into a thriving residential, retail, and employment hub in East County.
So, get ready to welcome Costco to Montgomery County, and stay tuned for more exciting updates on this transformative project!
