Shovel-ready or ready for a fire sale? That’s the question behind two local projects waiting for new developers.

The Movietown Plaza and the Ross Dress for Less projects were once the brainchild of L.A. developer Alan Casden, whose Casden Properties LLC is now dissolved due to financial troubles. Casden’s new company, Casden Property LP is reportedly looking to buy back the parcels they once owned.

The real estate projects were originally part of a venture between Casden, New York private equity firm Cerebrus LP, and Denver-based Aimco investment company. In June, Cerberus took control of the Movietown and the Ross site, and has subsequently placed the much-anticipated and long-vacant Movietown site on the market. More than a year ago, Casden Properties kicked the existing tenants out of the complex that was supposed to take over the Trader Joe’s-occupied mini-mall at 7302 Santa Monica Blvd.

“The property (Movietown) is up for sale, so they (Cerberus) are trying to settle it, which includes the entitlements,” West Hollywood senior planner David DeGrazia said.

In February 2010, West Hollywood approved the project: 371 residential units (76 affordable senior rentals) and 32,300 square feet of retail. Trader Joe’s would have had a new home in the original development plans.

Cerberus confirmed to the Beverly Press that both properties are on the market, but the Ross site is not being marketed at this time. The Movietown site, a 3.02 acre high-profile land parcel, is currently listed by Holliday Fenoglio Fowler, LLP on its website.

Attempts at contacting Casden’s new company were unsuccessful. Calls to Aimco’s director of corporate communications were not returned by time of publication.