"The project was approved, but construction never began and we didn't know why, so we thought the deal had fallen through," Raghavachary said.
But at the council's meeting last week, they were informed that the 37,018-square-foot site was purchased, she said.
The land, which includes two vacant buildings and one building being leased by Tortas Mexico, was purchased by Rich Development from its previous owner, Vincent Dundee, in October for $2.9 million, according to the Los Angeles County Assessor's office.
Construction on the Walgreens could begin as early as February, Raghavachary said.
"That property has been pretty much vacant and unused, and sort of an eyesore, unfortunately, for quite some time now," said Wayne Wortmann, owner of Wortmann Oil Co., which is just a few businesses away from the proposed site. "Anything that will bring more people to the area will be helpful to everyone's business, including residents."
Walgreens will likely be about 11,700 square feet -- slightly smaller than the business' usual 14,000-square-foot developments -- and will include a drive-through pharmacy, Raghavachary said.
It will also include a stone wall in the parking lot instead of a stucco wall, and the building wall along Foothill Boulevard will be decorated with trellises and vines, she said.
The development and the business it will bring are welcome, but a new pharmacy in La Crescenta might not have been the first choice for that site, said Jean Mallucio, executive director of the Crescenta Valley Chamber of Commerce.
"It would have been nice to see a restaurant there," she said. "But it will certainly be an improvement for that corner. And they are going to bring employment here, and they are very good at community involvement."
La Crescenta has two other pharmacies -- a Rite Aid Pharmacy on the 2600 block of Foothill Boulevard and independently owned La Crescenta Pharmacy on the 2700 block of Foothill Boulevard.
"We are holding the fort," La Crescenta Pharmacy owner Kaushik Patel said. "Obviously we feel there is no need for another pharmacy, but we have to accept the situation and do our best. Whether we like it or not, corporations will get their way."
La Crescenta Pharmacy has been around for 50 years, and has a strong customer base, Patel said, so he is optimistic they will thrive despite Walgreens' opening.
"I think it will be difficult, but we will try to give good service to our customers," he said. "We have a good staff working here."
Representatives from Walgreens and Rich Development did not return calls for comment.