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Stalled Richmond condo project now under court protection

Alderbridge Way LP hopes to either restructure its financing or find a buyer for the Atmosphere project.
The permits to build the foundation and parking for Atmosphere were cancelled by the City of Richmond.

A stalled condo project on No. 3 Road is now under court supervision.

Alderbridge Way LP was at BC Supreme Court last week asking the court to oversee a process whereby they would either continue building the project or find a buyer.

The financing for Atmosphere, located across the road from Lansdowne Shopping Centre, fell through during the COVID-19 pandemic and the building permits expired more than a year ago.

The ground had been excavated, but was fenced off after construction ground to a halt.

No buildings have been built on the site yet.

The bid process goes to May 18, according to Alderbridge Way, and they hope to have a final transaction take place in July.

The development plan includes an office tower and six residential towers with 824 units of housing, of which 112 will be market rentals and 38 affordable rental units. 

Alderbridge Way LP applied to the B.C. Supreme Court in early April for protection under the Companies’ Creditors Arrangement Act to allow it to restructure its business affairs, rather than having to declare bankruptcy.

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