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!
