Baltimore to pay $871,900 to keep Waverly in city

September 30, 1994|By Harold Jackson | Harold Jackson,Sun Staff Writer

Keeping Waverly Inc. from moving to Anne Arundel County will cost the city of Baltimore at least $871,900 to purchase the 100-year-old publishing company's old office buildings and to help renovate the Camden Yards warehouse for the new tenant.

Waverly Inc., an internationally known publisher of medical journals, for nearly two years considered moving from its headquarters on Mount Royal Avenue to a suburban setting. Finally, late last year, it accepted an offer to move into the old B&O warehouse at Camden Yards.

The Maryland Stadium Authority said in January that it would spend about $11 million to renovate the old Camden Yards warehouse as office space for companies such as Waverly.

At its meeting yesterday, the city's Board of Estimates voted to provide $371,900 toward renovation of the 72,400 square feet Waverly will occupy in the warehouse. It will also pay Waverly $500,000 for the four buildings and two parking lots it is leaving behind.

Mayor Kurt L. Schmoke said it was not unusual for the city to become financially involved in efforts to keep a private company in town.

"We've done some of this, but on a smaller scale," said Mr. Schmoke. "But we thought this was very important to retain not only the jobs but the type of company that Waverly is. They are a leader in the medical publications field, and given the emphasis on life sciences in the city and our literacy thrust, this was important to the city to keep this particular company here."

The Waverly properties being vacated have been appraised by Legg Mason Realty Group and Frederick Realty at nearly $4 million.

Robert L. Hannon, executive vice president of the Baltimore Development Corp., said Waverly would probably pay about $16 a square foot to lease space at Camden Yards. He said the rental price was in line with Class B property outside the financial district.

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