So much for Alan Casden's housing plans across from the Grove

The 3.4-acre property on Third Street and Ogden Drive has been sold to Ross Stores, which is already at that location and obviously would like to stay there. Price was $45 million, considered a bit on the hefty side. The big loser is billionaire developer Casden, who wanted to build a condo-rental complex but never got much support from the neighbors. Casden's partner, Cerberus Capital Management, wound up putting the property on the block and Ross snapped it up. From the Business Journal (via Curbed LA):

The site received more than 10 offers in less than a month on the market, said Bill Bauman, executive vice president at the downtown L.A. office of Studley Inc. He declined to discuss other offers, saying only that Ross' was the "cleanest." "It's a prime property, and because of the very high demand we had, the seller felt it was a prudent strategy to have a quick process," Bauman said. "Ross offered to set up and close very quickly with very limited due diligence."