Development group Casden Properties LLC is breaking up and it's taking a toll on the kids--the firm's Movietown Plaza project is up for sale (and just when that part of WeHo is building momentum) and who knows what'll happen to the Ross Dress for Less project near the Grove. The partnership--made up of mega-successful LA developer Alan Casden, the Denver-based Aimco investment company, and New York-based private equity firm Cerberus LP--was only meant to be temporary, but the bad economy has made the split nasty, according to the LA Business Journal. In June, Cerberus took control of six planned SoCal projects, including Movietown and the Ross site, and since Cerberus isn't a developer, it's put the much-anticipated (and long-ago-vacated) Movietown on the market.
West Hollywood approved the project in February 2010--it's supposed to take over the Trader Joe's-occupied mini-mall at Santa Monica Blvd. and Fuller Ave. with 371 residential units (76 affordable senior rentals) and 32,300 square feet of retail (the TJ's will have a new home in the development after it's finished). Casden Properties kicked the existing tenants out more than a year ago.
The LABJ says that Casden is bouncing back with a new company, Casden Property LP, and that he's bought out CP LLC's Palazzo complex in Westwood (the only one of the firm's projects to actually be built). He also wants to buy the Movietown site and the long-suffering Ross Dress for Less project, but apparently Cerberus is hoping to find another buyer for Movietown.
· Partners Develop Only Bad Blood [LABJ, sub. req.]
· Tenants Out, Groundbreaking Set For West Hollywood's Movietown Plaza [Curbed LA]