View Glendale Blvd & Waverly Dr in a larger map
A real estate investment firm has purchased the site of the former Monte Sano hospital in Silver Lake and plans to build more than 60 townhouses on the Waverly Terrace property overlooking the Los Angeles River. A sales price was not revealed but people who follow local land deals said the nearly three-acre parcel at Waverly Terrace and Glendale Boulevard sold for between $11 million to $12 million. The project, if completed, would rank as one of the single-largest residential developments in Silver Lake.
The economy might be showing signs of weakening once again but “we have got a lot of clients that want to build houses in the Echo Park-Silver Lake area,’ said Tim Barden with Land Advisors, the brokerage firm that arranged the deal.
Barden said the property is entitled for 63 townhouses that the buyer, the real estate investment firm TAAG, plans to build.
The now vacant lot was once home to the Monte Sano Hospital & Sanitarium, according to the Corralitas Red Car Property blog. The hospital was built in 1923 and closed during the 1970s.