Montgomery Co. deal with biotech company to bring parking garage, affordable housing to Silver Spring
Changes are coming for those who live or work in Silver Spring, Maryland, thanks to a new partnership.
Montgomery County announced Friday that it has signed a $100 million deal with United Therapeutics Corporation to expand the company’s development of drug and manufactured organs for transplants research in the county.
Montgomery County Executive Marc Elrich said the project will bring more jobs and housing to the area.
The partnership is also set to bring a new public parking garage to Georgia Avenue, a state-of-the art fiber hub and relocate the Montgomery County Department of Transportation’s parking operations facility to a renovated facility at 9150 Brookville Road. The site of the new parking garage includes a plot of land designated for a future affordable housing development in Silver Spring.
United Therapeutics will be required to invest at least $50 million toward any new facility on the current site of the Spring Cameron parking garage within 15 years after the county transfers ownership of the site to the company.
“We’ve done a lot of growth right now concentrated primarily in the Shady Grove area,” Elrich told WTOP. “But we have these opportunities in places like Silver Spring.”
The county executive says this development will put Montgomery County on the map for bio-health.
“You just have a load of facilities here that are focused around life sciences. Plus, all of the life sciences companies that are in Montgomery County,” Elrich said. “Every time we make an expansion, it helps set us up as a place that other people are looking to be able to do this kind of work.”