A local development team has cleared a key hurdle in its effort to convert the former Waverly Middle School to a 37-unit residential community called the “Waverly Teachers’ Eco-Village.”
Baltimore’s Board of Estimates on Wednesday approved a Land Disposition Agreement (LDA) that will pave the way for the Mayor and City Council to sell the vacant school at 707 E. 34th Street to Waverly Eco-Village LLC, the entity behind the proposed conversion.
The development team is headed by Schreiber Brothers Development LLC, a Baltimore-based community revitalization and affordable housing company that works in transitional neighborhoods. It was selected to redevelop the former school through a Request for Proposals process conducted by the city’s Department of Housing and Community Development.
The total estimated cost of the project is $13.3 million, according to a document on file with the state. The city will sell the property at 707 E. 34th Street for $206,900, according to the LDA approved by the Board of Estimates.
“The Waverly Teachers Eco-Village represents a transformative redevelopment project that will convert the former Waverly Middle School, which has stood vacant for over a decade, into a zero-energy residential community,” states a project description on file with the Maryland General Assembly.
“The project will provide 37 high-quality apartments for Baltimore City teachers, para-educators and school staff, offering stable and affordable workforce housing within walking distance of nine local schools and the Johns Hopkins University School of Education,” the description states. “The development will also include indoor and outdoor community spaces that serve both residents and neighbors, creating a shared hub for education and engagement.”
Built in 1959
Constructed in 1959, the three-story. 30,000-square-foot school building most recently housed Waverly Middle School No. 51 and, before that, Venable High School. It occupies 41,387 square feet of land, four-fifths of an acre. The conversion project has been in the works for years. City Council legislation to sell the property was approved by its Ways and Means Committee in 2023 and by the full council in 2024.
According to the LDA approved by the Board of Estimates, the developer will pay the city $5,000 at the time of settlement, and the balance of $201,900 will be secured by a seller takeback purchase money mortgage.
“Said Purchase Money Mortgage principal amount and interest shall be payable upon the sale, refinance, transfer or conveyance of any property encumbered herein, it being understood and agreed that no regular debt service payments shall be required prior to the sale, refinance, transfer or conveyance of any property encumbered herein,” the LDA states. “In the event that the Borrower refinances, sells, transfers or conveys any of the encumbered property, the Borrower shall repay the outstanding Purchase Price of the individual parcel being conveyed with the proceeds of such refinancing, sale, transfer or conveyance.”
In conjunction with the LDA, the Board of Estimates on Wednesday approved a Capital Projects Grants Agreement with the State of Maryland and Schreiber Brothers Development LLC. The grant, approved by the General Assembly, will provide up to $1.25 million in State general obligation bond proceeds to support the project.
Appraised value of $975,000
According to the city housing department, the vacant school has an appraised value of $975,000.
The property is being sold for $773,100 less than the appraised value “because [its] poor condition requires extensive and immediate remediation,” the housing department said in an explanation on the Board of Estimates agenda.
“The sale and renovation will be a specific benefit to the community, eliminate blight, and return a vacant building to the tax rolls,” the housing department stated. “The balance of the appraised value will be considered as the City’s equity contribution to the project.”
