The Baltimore Board of Estimates voted Wednesday to approve a Land Disposition Agreement that will enable the city to sell the former Waverly Middle School at 707 E. 34th Street to Waverly Eco‑Village LLC. The agreement clears the final obstacle before the mayor and City Council can finalize the transaction.
Project overview
The redevelopment, led by Schreiber Brothers Development LLC, will transform the three‑story, 30,000‑square‑foot building—vacant for more than a decade—into a zero‑energy residential community called the “Waverly Teachers’ Eco‑Village.” The plan calls for 37 high‑quality apartments intended for Baltimore City teachers, para‑educators and school staff, providing stable, affordable workforce housing within walking distance of nine local schools and the Johns Hopkins University School of Education.
In addition to the apartments, the project will feature indoor and outdoor community spaces designed to serve both residents and neighbors, creating a shared hub for education and engagement.
Financial details
The city will sell the property for $206,900, a figure far below the building’s appraised value of $975,000. The housing department explained the discount—$773,100 less than appraised—reflects the school’s poor condition and the extensive remediation required.
Under the Land Disposition Agreement, the developer will pay $5,000 at settlement, with the remaining $201,900 secured by a seller‑takeback purchase‑money mortgage. The mortgage terms state that principal and interest become payable only upon the sale, refinance, transfer or conveyance of the encumbered property, meaning no regular debt service is required before those events occur.
State support
Alongside the sale, the Board approved a Capital Projects Grants Agreement with the State of Maryland. The grant, authorized by the General Assembly, provides up to $1.25 million in state general‑obligation bond proceeds to support the redevelopment.
Community impact
City housing officials highlighted the project’s benefits: eliminating blight, returning a vacant building to the tax rolls, and delivering much‑needed workforce housing for educators. By converting an underused school into an eco‑friendly residential village, the city aims to strengthen the neighborhood’s stability and promote sustainable development.
The former Waverly Middle School, built in 1959 and previously housing Waverly Middle School No. 51 and Venable High School, sits on 41,387 square feet of land—about four‑fifths of an acre. City Council legislation to sell the property was approved by its Ways and Means Committee in 2023 and by the full council in 2024, setting the stage for today’s approval.
Next steps
With the Board’s approval, the mayor and City Council will move forward on the sale. Once the transaction closes, Schreiber Brothers Development will begin the renovation work required to bring the zero‑energy Eco‑Village to life, offering Baltimore’s educators a modern, affordable place to call home.
Original reporting: Baltimore Fishbowl — read the source article.
