The Decline of Westbank

[whatnext]

I’ve been surprised at how little discussion there’s been about the decline of Westbank considering how prominent they’ve been in the city’s development industry over the past twenty years. Bloomberg has an article on them today:

Luxury Condo Developer Westbank Faces Project Woes, Lawsuit Says
By Thomas Seal
February 23, 2026 at 4:00 AM PST

Canadian luxury real estate developer Westbank Projects Corp. was struggling with losses and delays on a string of high-profile projects as recently as September, according to a lawsuit from a former executive who claims she’s owed money….

….Gillespie spelled out a list of issues with Westbank projects, according to the affidavit.

The Alberni, a distinctive high-rise tower in Vancouver designed by the firm of famed Japanese architect Kengo Kuma, has “many unsold units” and vendor take-back mortgages outstanding, the message said. The recently opened Butterfly, another unique condo tower in Canada’s third-largest metro area, “is well over budget and closings are slow and uncertain,” Gillespie said, according to Mabberley.

Two other Westbank projects, including First Light in Seattle, have “an increasing budget” and uncertainty in the company’s ability to close units, the text said.

Oakridge Park, a C$6.5 billion mixed-use mega-development of more than 5 million square feet, with more than 3,000 residential units, is due to open its first phase to the public in 2026. But it’s “way behind schedule,” Gillespie’s alleged message reads.

Finally, the sale of the first phase of Senakw, a large high-rise residential project being developed with an Indigenous group on their territory, was a financial disappointment for Westbank, the affidavit text added….

https://www.bloomberg.com/news/articles/...-says?srnd=homepage-canada&sref=x4rjnz06