Vancouver developer's insolvency threatens future of Cherry Blossom Festival
One of the city’s most beautiful annual events is scrambling to find new funding following the loss of its title sponsor.
Vancouver Cherry Blossom Festival (VCBF) announced today that is searching for additional sponsors to make up for the loss of Coromandel Properties. Daily Hive reported last week that the major local real estate developer filed for insolvency in the Supreme Court of British Columbia.
Coromandel Properties was a presenting sponsor of the festival for five years. With the 17th annual VCBF scheduled for April 1 to 23, organizers hope that new supporters can ensure this year’s programming is not seriously affected.
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“Sponsors play a pivotal role in our ability to put on a festival of this size and ensuring almost all our programming is free of charge and accessible to everyone,” said Festival Executive Director Michael Dove in a release. “We are now doing all we can to find new sponsors to ensure that all of our planned programs and events can go ahead.
“We believe it’s an excellent opportunity for businesses to get involved with such an impactful community event. We want to thank Coromandel Properties for supporting us for the past five years, and we look forward to working with our current and additional new sponsors as we prepare for our April 1 festival launch.”
Francis Cutler/Vancouver Cherry Blossom Festival
Dove encourages any company looking to become a sponsor to contact him directly. VCBF added that supporters can become a sponsor of the festival as a whole or of individual signature events like The Big Picnic at David Lam Park and Sakura Days Japan Fair at VanDusen Botanical Garden.
In a statement to Daily Hive Urbanized, Coromandel Properties, which primarily pursues condominium projects, says it is looking to reposition itself through the stream of the Companies Creditors Arrangement Act (CCAA).
A construction site for a Coromandel Properties housing project on Southwest Marine Drive in Vancouver. (Google Maps)
Since being active with acquiring properties a decade ago, the developer has amassed a significant portfolio, with 16 active real estate projects — all located within Vancouver — now in possible risk. Many of these projects are located within the Cambie Street Corridor, including near Oakridge.
Vancouver Cherry Blossom Festival 2023
When: April 1 to 23, 2023
Time: Various times
Where: Various locations around Metro Vancouver
With files from Kenneth Chan
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