Pre-sale contracts cancelled at stalled Atmosphere development in Richmond city centre

Pre-sale contracts have been cancelled for Atmosphere in Richmond city centre. Richmond News photo

All pre-sale contracts have been cancelled for the Atmosphere project, which is currently under creditor protection.

According to the developer, Alderbridge Way GP, the court-appointed supervisor, who has “full authority” over the process, cancelled the 300 pre-sale contracts and has control over returning these deposits.

The B.C. Court of Appeal recently over-turned a lower court decision that had ruled a financier, Romspen, wasn’t in breach of its contract with Alderbridge Way when it stopped financing the residential, office and retail project on No. 3 and Lansdowne roads in 2020.

The appeals court ruled Romspen had indeed breached the loan agreement and sent the issue back to B.C. Supreme Court.

Alderbridge Way GP, in a statement to the Richmond News, said the B.C. Court of Appeal decision “vindicates” the developer and the individuals involved.

“The court found that Romspen unlawfully stopped funding the project in March 2020, a breach of contract that severely impacted many people, including approximately 300 pre-sale buyers, construction workers, numerous consultants and other parties who relied on the project’s continuation,” the statement reads.

The site is excavated and has remained behind a wall with no building activity since 2020 when its financing was halted by Romspen.

The City of Richmond said building permits are waiting to be issued once fees for them are paid and "pending action from the applicant addressing safety issues for the restart of construction."

The Newsreached out to Romspen for comment, but didn't hear back before publication.