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For Immediate Release: October 8, 1998
Discovery Communications to Build Its New
World Headquarters in Silver Spring, Md.
State, County Officials Hail Site Selection as Major Boost to Area's Revitalization
Discovery Communications, Inc. -- a privately held, diversified media company whose assets include domestic and international cable television networks, including the Discovery Channel, online services and retail stores - announced today that it will build its new world headquarters and consolidate its Washington area operations in downtown Silver Spring. Maryland Governor Parris N. Glendening, Montgomery County Executive Douglas M. Duncan and a host of other State and County officials, and local business leaders joined Discovery officials for today's announcement at the future site.
DCI's selection of the new Silver Spring location follows an extensive site search process by the rapidly growing Bethesda, Md.-based company, which employs nearly 4,000 people around the world and approximately 800 locally, in six Bethesda buildings. DCI expects to grow its local employment base to more than 1,100 within four years.
Planning, design and construction on DCI's approximately 500,000-square-foot planned headquarters complex will take nearly three years. The company expects to move into the new facilities in 2001. An estimated $150 million project, the complex will be developed by the Silver Spring-based firm of Moore and Associates, Inc. on a four-acre site known as the Silver Triangle, which is bordered by Georgia Avenue, Colesville Road and Wayne Avenue and is adjacent to the Silver Spring Metro Station.
"Maryland is a great place to invent and grow a business," said John Hendricks, founder, chairman and Chief Executive Officer of Discovery Communications, Inc. "Governor Glendening and County Executive Duncan have done an outstanding job of creating a positive entrepreneurial setting for growth companies like Discovery to compete here and around the world."
"As a fast-growing, dynamic, global media and entertainment business, we plan to be a major part of Silver Spring's revitalization," said Judith McHale, President and Chief Operating Officer of Discovery Communications, Inc. "We expect our move to make Silver Spring a principal center for content creation in the Information Age."
"Today's announcement speaks volumes about Maryland's economy, our ability to create jobs, and the State's business climate," Governor Glendening said. "Discovery Communications' relocation and expansion in Silver Spring will bring 1,100 good, family-supporting jobs to downtown Silver Spring, one of our targeted revitalization areas. This project shows how our Smart Growth policies encourage development within our established urban areas. We look forward to continuing to work with Montgomery County to assist Discovery with this exciting project."
County Executive Duncan said, "Discovery's decision to build a new headquarters complex in downtown Silver Spring -- combined with the recent approval of a new town center project that will be anchored by the prestigious American Film Institute - marks the transformation of what had been a struggling business district into a new, world-class center for the entertainment and communications industries. Discovery Communications, Inc. and downtown Silver Spring both have a tremendously exciting future ahead, and the good news is that the future begins today."
To assist Discovery with its relocation and expansion, the State and County are working with the company to develop a package of incentives. The company will also be eligible for job creation tax credits, as well as employment and property tax credits for moving to a State Enterprise Zone.
The State's Enterprise Zones are approved by the Maryland Department of Business and Economic Development and administered by local governments. The program was started in 1982. Maryland currently has 33 Enterprise Zones throughout the State; downtown Silver Spring is the first within Montgomery County.
Businesses that move to Enterprise Zone areas are eligible for credits on their real estate taxes and employment taxes. Businesses already located in the zones can receive the tax breaks in exchange for creating new jobs and making capital investments.
Also on hand for today's announcement of the Discovery Communications consolidation was Jean Picker Firstenberg, Director and Chief Executive Officer of the American Film Institute. Earlier this year, Montgomery County officials announced that AFI will become the new occupant and operator of the historic Silver Theatre, once its restoration process is complete. Discovery officials noted that among their reasons for selecting the Silver Spring site was the accompanying presence of the American Film Institute, which - coupled with the new Discovery campus - would help to make downtown Silver Spring a magnet for bringing in other major production and post-production companies, and content providers.
"This is a great example of what can be achieved when the public sector, private enterprise and the arts join together and act as a catalyst for economic development," said Firstenberg. "AFI shares a vision with Discovery and Montgomery County of together contributing to the re-emergence of Silver Spring as it becomes a major center for the arts. Governor Glendening and County Executive Duncan deserve immense credit for providing the foresight and leadership that has made the revitalization of Silver Spring a reality."
Fueled by the world's largest original, non-fiction production engine, Discovery Communications, Inc. operates three distinct business units, including:
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