The $3B, 300-acre mixed-use LifeSci Village has been a long time in the making, but developers announced Monday they are prepared to enter the development phase and have given the project a new name to boot.

The 7M SF project is now called Viva White Oak and will combine 115 acres of Montgomery County land and 185 acres owned by Percontee Inc affiliate Global LifeSci. Percontee will lead a public-private partnership that will oversee the development. The total project is expected to include 5,000 residential units and 7M SF of non-residential development.

Phase 1 will require more than $100M in transportation improvements and be limited to 1,000 market rate residential units until 300k SF of commercial development is locked up by the developer. Backers of the project expect it to become a desirable destination for businesses in the health, life sciences and tech sectors and ultimately drive job growth in the area. [WBJ]