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Monday, September 26, 2016

Silver Lake townhouse site sells for multimillion dollar price tag


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.

 



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  1. Great. And a couple of blocks away there are 40 units going up at Rowena and Hyperion. The neighborhood services (schools, roads, grocery stores, etc) can’t support this many units being built.

  2. While I miss the Coffee Table I am happy to see growth in the neighborhood. In these economic times I think we are actually quite fortunate to have a neighborhood still moving forward and not static or backwards like most places in the country/state. Now hopefully all the auto body repair shops on Rowena will move somewhere else (or at least make some minimal effort to clean up their properties!).

  3. “Overlooking the LA river”? Um, 5 fwy adjacent I’d say…….

  4. Looks like a much better place for a park…….

    • Agreed. It would be perfect for a neighborhood park where people could picnic, the neighborhood children could play and could see a little more green.

  5. Let the speculation begin – here we go again. How much failed development have we had in this corridor?

  6. Ooh so haunted. Maybe they paid extra for all those illegal corpses buried
    on the grounds?

  7. I remember jumping the fence and going into the buildings at night with friends during high school. We would go to the lower/basement and scare the shit out of ourselves. We thought that was where the morgue was.
    Good times.

    More new units in Silverlake increases supply and perhaps lowers prices for renters/buyers. That would be nice.

  8. This site has great views at ground level. The views from the housing they construct will be even better. I live across the street and am very excited to be seeing more development activity in my neighborhood.

  9. yep …used to go to that property are scare the shit out of ourselves too !
    A bunch of catholic school girls !

  10. Hilarious. “townhouses”… I guess my apartment is a “townhouse”??? No way 63 units on 3 acres is anything but that unless they’re building three story buildings. JOKE. Wasn’t this property set up to be built on like THREE other times in the past ten or so years? Those dudes who spent 12 MIL are in for a surprise with LADBS. =D

  11. I live down the street and all the building plans have been approved. They just had a meeting about which route they will be taking to excavate the land. I’m not looking forward to the traffic, and pollution this is going to cause, but I’m happy it’ll be cleaned up down there. Graffiti and trash dumping has been a problem for many years.

  12. Enjoy the air quality and freeway noise . Three stories, no garden, paper thin walls, a balcony that protrudes a foot, shoddy lighting and fixtures, small bathrooms, exorbitant home owners fee, all this for $800k +??????

  13. I agree w/silverlakegirl…I too live down the street and would welcome this lot being developed and cleaned up. The homeless encampments, trash dumping, and tagging on this property are non-stop and don’t benefit anyone. I hope they can get the financing needed to build, and that the neighborhood will support the development, while simultaneously holding the developer accountable for being a good corporate ‘citizen’. We need a win-win situation here.

  14. i use to live in the apartments up there.
    the noise from the freeway was awful and i was out of there in a year.

    i hope the suckers..umm, oh, i mean new buyers, invest in serious earplugs when they sleep

  15. My father was a DO at the old hospital. I have no comment on the proposed development but can anyone tell who was the seller of this property to the proposed developer?

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