Three years after construction suddenly stopped on a large Richmond development, pre-sale buyers are demanding the developer return their deposits.

“Every time I drive by No. 3 road, I see a big hole. I just see my money is in the hole,” says Joshua Chang.

Four years ago, his family bought a 3-bedroom pre-sale condo in the Atmosphere Development on No. 3 road and Alderbridge. They put down a $250,000 deposit on what was billed as a grand scale neighbourhood. The Atmosphere plan was for seven towers of residential, commercial and retail units.

Then in the spring of 2020, after the developer excavated a massive hole, construction ground to a halt. The developer blames Romspen, the construction lender, for suspending funding, citing COVID-19.

The project is embroiled in lawsuits between the project owner, Alderbridge Way Group and Romspen. Global Education Communities, one of the largest education and student housing investment companies in Canada, which bought two towers in Atmosphere, is also suing Romspen. That trial begins in January 2024.

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