The online paper WeHoNews is reporting that the Movietown Plaza development, which had been expected to break ground shortly, has hit a snag. (See “Movietown Plaza’s future cast into doubt.”)
It seems that the developer, Alan Casden, is in the middle of a dispute with his financing partner, Cerberus Partners LP, a division of a big New York private equity firm.
We asked Darren Embry, the project manager for Casden Properties, for a comment. He replied:
Everything Casden is doing is predicated upon Movietown moving forward once the partners have reached an agreement. All the funding and banking questions are simply reflective of the necessary processes.
Movietown Plaza is best known as the home of our closest Trader Joe’s. It is currently a rather run-down shopping center on Santa Monica Boulevard between Fuller and Poinsettia. The property is in the City of West Hollywood, but it is just a few yards north of the Melrose Village neighborhood of Los Angeles.