Montgomery County hasn't attracted a single new major corporate headquarters in over 25 years, but there's a new corporate logo on the downtown Bethesda skyline. As usual, it is a rearranging the deck chairs on the Titanic situation, with GEICO moving "up the Pike" from Friendship Heights to The Wilson, the Class A office tower at 7272 Wisconsin Avenue. It's great news for the property's landlord, but not so much for County revenue, as the insurance firm has downsized considerably from a campus of its own to a mere office.
Adding to the revenue hit is the moribund Montgomery County economy, amid which there is zippo demand for office space. No major corporations want to move here, so rather than welcome a giant new corporate tenant to the GEICO campus site at 5260 Western Avenue, the property will be redeveloped as all-residential. Developer EYA has proposed constructing 520 units in the form of apartments, condominiums, and townhomes. The Bethesda-based firm has extensive experience in constructing exactly this type of development on large sites throughout the Washington, D.C. region.
Again, good news for wealthy people who want to live at the Friendship Heights Metro station. Not so good news for County revenue coffers, as we've seen that new housing generates more costs in services and infrastructure than it does in tax revenue. Ergo our structural County budget deficit, which was created and has persisted amid massive residential housing development countywide this century.
Montgomery County elected officials have known for years that GEICO would be vacating this prime property. Yet, even with a massive head start and time to develop a strategy, they were incapable of luring a domestic or international firm to the site. We have a County Council that cannot hit major league pitching when it comes to economic development, trying to compete with very smart leaders across the Potomac. Even now that Virginia has elected a Marxist governor, our own Marxist County Council is too wedded to their Communist ideals to take advantage of the four year break. Instead, MoCo continues to spin its wheels, while solidifying its collapse into a mere bedroom community for the booming job centers elsewhere in our region. Heckuva job, Brownie!
And Elrich has no problem whatsoever spending hard earned tax payer money on a recent overseas economic development junket. They aren't interested in economic development at all and everyone knows it. He'll be termed out thanks to Robin Ficker but has already stated he'll run for county council and many dumb people will vote for him again. How about, don't?
ReplyDeleteThe conservative minority of MoCo is so invisible you can't see them, (sic). Any who, they have not a leg nor stump to stand on so you mouthpieces from the NYPost need to sit your behinds down.
Delete8:08 - not sure if you fall into the camp of the people who say "if you do not agree with me, you can leave" or not, but it is agreed that conservatives do not get a voice in MoCo. Perhaps, just maybe, we could try another way - the path we are on spells doom for all. Or not, keep your foot on the Democrat gas and certain destruction.
DeleteFunny as democrats can't even remember what they had for breakfast let alone being reminded as the internet is forever.
DeleteHocul in 2022 said good riddance to taxpayers leaving NY. Fast forward to 2026 when she is now begging for them to return. The excuse out of blue states is real so liberals like Moore and those on the MC Council are waving goodbye to actual earners who pay taxes and protecting Illegals on entitlements. What a plan, good luck with that.
"Rearranging the deck chairs on the Titanic"; "moribund Montgomery county economy"; "Marxist County Council"; "Communist ideals"; and, "Heckuva job, Brownie!"
ReplyDeleteI call BINGO!!!
The GEICO campus has been underused for years. At least now, Friendship Heights will get a boost of thousands of new residents to support downtown shops and restaurants. Perhaps even more younger folks will move in to an apartment or purchase townhouses and condos. Downtown Bethesda also gets a fully leased high rise full of office workers who will help support midday retail and restaurants.
ReplyDeleteI still believe the epicenter of downtown Bethesda will shift to be centered on the new southern Metro entrance and Purple Line Station, and adjacent to Bethesda Row. I hope the get the Capital Crescent Civic Green designed and constructed as soon as possible to capitalize and feed off this new energy of commuters.
Wow, I realize that the council pays you to bloviate candy cane forests but have you considered taking responsibility for the reality of recent history?
DeleteThe PL will never achieve the projected ridership goals and will never be able to survive without constant taxpayer dollar infusion. Look at the MC and MD budget vs actual incomes received, not projected, and those numbers are woefully short but you guys have your foot planted on the gas.
The side "benefit" of the PL is going to be the crime brought into Bethesda which those in charge have no intention of considering. You can't even protect someone in the library from being raped in the middle of the afternoon but don't worry, "this time will be different".
7:19 - The Geico campus is underused - that was private land and I'm sure they felt they were using it as they saw fit. Is your vision to put a building on every square inch of land? That's not really ideal, either.
DeleteMusical chairs getting around term limits and brain dead liberals will pull the lever for any corrupt democrat just because.
ReplyDeleteOne thing we must admit - they have party discipline. It is Party over Country and Community every time. It is really remarkable. Remarkably sad.
DeleteCan I walk into the lobby and ask if they have any Geico Gecko free swag?
ReplyDeleteOne thing this county is good at - building apartments where offices were slated to be. Offices housing businesses creating thousands of jobs - a pipe dream that has vanished completely. They have thrown in the towel. Look at Rockledge Dr., now the Geico property, and I just was on Piccard Dr. in Rockville and many of the office buildings are empty, and a slew of condos townhouses have gone up instead. And then they complain about traffic, how rich. Bring jobs here and people will work close to home.
ReplyDelete4:48 No transportation project in America, including roads, bridges and public transit survives without constant taxpayer dollar infusion. Please don’t tell any of those criminals that they can already get to Bethesda using the Metro and buses. I like both candy canes and forests.
ReplyDeleteSad 10 Billion dollar vanity project that could have been solved with a few extra J2 busses. You guys never get tired of spending other people's money and when the music stops, it's always someone else's fault. Look in the mirror once in a while, it's not very pretty at all. The victims of progressives, (literally and figuratively), are the cannon fodder to your leadership.
Delete4:48 doesn't actually care about the money. They said the quiet part out loud with their "criminals coming from over there" dogwhistle.
Delete12:20 sees racism everywhere, so much so that their daily outrage has diluted the meaning of words they have no idea what they mean. Go back and read some MLK speeches as he clarifies what you fail to understand.
Deletegenuinely bizarre that you think new housing is somebody bad for the economy
ReplyDelete5:51: It's not just a thought, but a reality. Just tune in to the County Council hearings on the budget, as they struggle once again to address the structural deficit. More and more housing is built, yet the County is in the red every year, and we have a moribund economy. If you were correct, we'd be flush with cash and in an economic boom. We're not, as Wes Moore and Marc Elrich can quickly confirm for you.
DeleteHe complains about the county budget but also doesn't want new taxpayers moving in.
Delete12:18 hasn't looked at the big picture, (or they have making this so much worse), which is an exodus of real taxpayers and an influx of illegals on entitlements. Keep thinking that this time will be different, right?
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