[Richmond] Atmosphere | 7 towers | 45m | Paused

VancouverOfTheFuture · #1 Posted **Nov 29, 2020, 8:55 AM**

ATMOSPHERE, Richmond

5.1 Acres of Land
81,026m² Floor Space (872,157ft²)
7 Towers
One 11-Story Office Tower
Six 14-Story Residential Towers
Tower Heights of ~45m (Max Allowable)
3 Levels of Below Grade Parking
669 Residential Units
115 Market Rental Units
38 Affordable Rental Units
18,720m² Office Space (201,500ft²)
Retail Fronting No. 3rd

Atmosphere
Development Permit

Site Location

Site Plan

Source

Design Rational

No. 3rd Frontage View

Source

VancouverOfTheFuture · #2 Posted **Nov 29, 2020, 9:09 AM**

2019

Quote:

Originally Posted by officedweller

Atmosphere

By City of Rain July 20th:

Quote:

Originally Posted by officedweller

Atmosphere

By City of Rain Sept 20:

2020

Quote:

Originally Posted by officedweller

Atmosphere

By City of Rain Jan 12th:

Quote:

Originally Posted by officedweller

Atmosphere

By City of Rain March 1, 2020:

I couldn't figure out how to make the photos show. So you'll have to go directly to officedweller's posts to see them. They are all located in the Richmond Updates Thread.

spacebjorn · #3 Posted **Dec 6, 2020, 10:52 PM**

I'm almost certain that this project has been halted or paused. Have not seen any activities in the last 3-4 months.

VancouverOfTheFuture · #4 Posted **Dec 7, 2020, 8:17 PM**

Quote:

Originally Posted by spacebjorn

I'm almost certain that this project has been halted or paused. Have not seen any activities in the last 3-4 months.

really? weird. i went by months ago, and it looked to be progressing. it is 1 big hole, that's for sure. i didn't think i would ever see something that deep in Richmond.

Sheba · #5 Posted **Dec 7, 2020, 10:46 PM**

Quote:

Originally Posted by VancouverOfTheFuture

ATMOSPHERE, Richmond

5.1 Acres of Land
81,026m² Floor Space (872,157ft²)
7 Towers
One 11-Story Office Tower
Six 14-Story Residential Towers
Tower Heights of ~45m (Max Allowable)
3 Levels of Below Grade Parking
669 Residential Units
115 Market Rental Units
38 Affordable Rental Units
18,720m² Office Space (201,500ft²)
Retail Fronting No. 3rd

Is the retail going to include the store Atmosphere?

naota2018 · #6 Posted **Jun 30, 2021, 10:43 PM**

I think this project will be cancelled!

homedepotbob · #7 Posted **Jul 1, 2021, 5:47 AM**

Quote:

Originally Posted by naota2018

I think this project will be cancelled!

No way the Developer can resume this project and make a profit.
Contractor's contracts must be up 20% from last year.

I am wondering what happened to purchaser's deposits?

tophat · #8 Posted **Jul 3, 2021, 1:27 AM**

Quote:

Originally Posted by homedepotbob

No way the Developer can resume this project and make a profit.
Contractor's contracts must be up 20% from last year.

I am wondering what happened to purchaser's deposits?

The deposits will be returned.

Some developer will buy the project and start over with the marketing. The project is in too good of a spot to sit for any length of time. That and the work to put in the foundations has already started.

Its a mystery as to why things ended up the way they did.

VancouverOfTheFuture · #9 Posted **Sep 9, 2021, 4:01 AM**

From the Richmond updates thread.

Quote:

Originally Posted by SpongeG

Atmosphere has 'paused' its construction in Richmond's city centre

A mixed residential/office development - with more than 800 residential units - has been put on hold temporarily
a day ago By: Nono Shen & Maria Rantanen

https://www.richmond-news.com/local-...centre-4266938

Quote:

Originally Posted by jollyburger

CIBT was also involved in the Atmosphere project and they said this:

Quote:

Toby Chu, Chairman and CEO of CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“CIBT” or the “Company“), has issued a statement in response to a news article recently published about the ongoing development and delays of the Atmosphere Project in Richmond, B.C.

“In March 2018, CIBT’s subsidiary, Global Education City (Richmond) Limited Partnership, purchased two of the seven buildings to be constructed at the Atmosphere Project,” said Toby Chu. “Please refer to the Company’s news release of April 3, 2019 for an overview of the Atmosphere Project: https://cibt.net/blog/2019/04/03/cib...ty-richmond-2/.

“While it is unfortunate that the developer has been unable to meet its construction schedule, CIBT plans to take all actions open to it so that the Atmosphere Project can fulfill its original purpose,” continued Mr. Chu. “We see excellent opportunities in Vancouver’s booming real estate market and the Atmosphere Project has many positive attributes and could become another flagship project for CIBT’s subsidiary, Global Education City Holdings Inc.”

The Company expects to provide additional information about the status of the Atmosphere Project in the coming weeks.

https://cibt.net/blog/2021/09/01/cib...phere-project/

VancouverOfTheFuture · #10 Posted **Dec 5, 2021, 7:56 PM**

Quote:

Originally Posted by connect2source

Looks like the Atmosphere project at Landsdowne is in deep trouble. City of Richmond erected a fence around the project due to over 9M in legal action.

https://www.richmond-news.com/local-...TWk3uvyNa0WUqU

wow, this will be interesting to see how long it lasts as an empty hole in the ground

CondoInvestor · #11 Posted **Dec 6, 2021, 2:38 PM**

"According to the city, other developers have expressed interest in buying the land."

Sell it already..

officedweller · #12 Posted **Dec 6, 2021, 9:30 PM**

Quote:

Originally Posted by CondoInvestor

"According to the city, other developers have expressed interest in buying the land."

Sell it already..

... and redesign it!

jollyburger · #13 Posted **Apr 16, 2022, 3:51 AM**

From CIBT:

Quote:

CIBT Provides Update on One of its Real Estate Investments in Richmond, B.C.
April 8, 2022
Vancouver, B.C., April 8, 2022 – CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“CIBT” or the “Company“) provides the following update on one of its real estate investments in Richmond, B.C.

In March 2018, CIBT’s subsidiary, Global Education City (Richmond) Limited Partnership, purchased two of the seven buildings to be constructed at the Atmosphere Project. Please refer to the Company’s news release of April 3, 2019 for an overview of the proposed Atmosphere Project: https://cibt.net/blog/2019/04/03/cib...ty-richmond-2/.

On April 1st, 2022, the developer and the partners of the Atmosphere Project commenced a Companies’ Creditors Arrangement Act proceeding (“CCAA Proceeding”) in which they were granted a stay of proceedings so that the Developer may attempt to re-organize its financial affairs. The next hearing is scheduled for April 25th, 2022.

“It is unfortunate that the pandemic has disrupted the financial plans for the developer,” commented Toby Chu, Chairman, President and CEO of CIBT. “We are in active discussions with the developer about increasing our investment in the project and establishing a partnership with a local developer to assist in the restructuring of the Atmosphere Project so that it fulfills its original purpose,” continued Mr. Chu. “We see excellent opportunities in Vancouver’s booming real estate market caused by low supply and high demand. The Atmosphere Project has many positive attributes to fill the market needs quickly with rezoning approvals and Development Permit in place, excavation completed, pre-sale marketing and presentation centre fully operational. If a restructuring involving CIBT is successful, this project could become another flagship project for CIBT’s subsidiary, Global Education City Holdings Inc.”

The Company will receive additional information about the status of the developer’s CCAA proceedings in the coming weeks and provide further updates in due course.

https://cibt.net/blog/2022/04/08/cib...-richmond-b-c/

VancouverOfTheFuture · #14 Posted **Jul 9, 2022, 12:11 AM**

Quote:

Originally Posted by hollywoodnorth

Bid date passes for Richmond’s Atmosphere project
Court-approved solicitation process set to complete in early August

https://biv.com/article/2022/07/bid-...sphere-project

from Richmond updates thread

jollyburger · #15 Posted **Sep 19, 2022, 11:07 PM**

Seems like we'll get some news in October.

Quote:

On August 11, 2022, the Court extended the Stay Period until October 7, 2022.

http://www.bowragroup.com/client/atmosphere/

I wonder if CIBT is going to take control of this project with some other group.

Quote:

In addition, Global Holdings is discussing with prospective partners an opportunity to acquire ownership in a substantial project in Metro Vancouver. Negotiations on these initiatives will continue in the coming weeks.

jollyburger · #16 Posted **Oct 16, 2022, 8:06 PM**

Quote:

CIBT Subsidiary Commences Legal Action Against Romspen Investment Corporation
October 7, 2022
Vancouver, B.C., October 7, 2022 – CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“CIBT” or the “Company“) reports that the Company’s subsidiary, GEC (Richmond) GP Inc. (“GEC Richmond”), and the limited partnership of which it is the general partner, Global Education City (Richmond) Limited Partnership, have filed a notice of civil claim with the Supreme Court of BC commencing legal action against a mortgage lender, Romspen Investment Corporation, alleging breach of contract and other causes of action for the non-advancement of funds to a development project in Richmond known as “The Atmosphere”.

https://cibt.net/blog/2022/10/07/cib...t-corporation/

jollyburger · #17 Posted **Oct 16, 2022, 8:06 PM**

Quote:

On October 7, 2022, the Court extended the Stay Period until December 9, 2022.

http://www.bowragroup.com/client/atmosphere/

libtard · #18 Posted **Oct 17, 2022, 5:06 AM**

No ones buying what they’re selling

cairnstone · #19 Posted **Oct 17, 2022, 6:37 PM**

Quote:

Originally Posted by libtard

No ones buying what they’re selling

That is what happens when you go from doing a few small wood frame projects and then decide to play with the big boys without any of your money in the game. I don’t see anyone taking over this project. It will be a total redesign.

officedweller · #20 Posted **Oct 17, 2022, 11:36 PM**

Quote:

Originally Posted by cairnstone

It will be a total redesign.

That's a good thing!
It was a mediocre design for a prominent site.