Court appoints receiver for Westbank project site in Downtown Vancouver | Daily Hive

October 2022 artistic rendering of 1668-1684 Alberni Street, Vancouver. (Revery Architecture/Westbank)

Adding to local developer Westbank’s troubles in recent years, a redevelopment site in Downtown Vancouver’s West End neighbourhood involving the company has been placed under a limited receivership after the companies involved failed to repay more than $36 million owed to Bank of Montreal (BMO).

However, the Supreme Court of British Columbia has given the companies until Feb. 13, 2027 before the receiver can take charge of selling the property, providing another opportunity to refinance the debt or find a buyer themselves.

In a written ruling last week, Justice Loo approved the receiver’s immediate appointment while limiting its authority for the time being. The companies will continue running the two occupied residential buildings on the site, but must immediately begin turning over rental income, after expenses, to the receiver.

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The case concerns land intended for a new secured purpose-built rental housing project. The existing buildings contain strata residential units that are being rented out.

According to the decision, 700 Bidwell Holdings Inc. obtained financing from BMO for the land acquisition and costs associated with developing and constructing the project. Three other entities — 700 Bidwell Limited Partnership, 700 Bidwell Property Inc., and Westbank Holdings Ltd. — provided unlimited guarantees for the debt.

The property in question is 1668-1684 Alberni St. — situated at the southeast corner of the intersection of Bidwell Street and Alberni Street. It is currently occupied by two older residential buildings of 15 storeys, built in 1980, and 14 storeys, built in 1990, with a combined total of 23 strata units.

1668 1684 alberni street vancouver westbank

Site of 1668-1684 Alberni St., Vancouver. (Google Maps)

As previously reported by Daily Hive Urbanized, Vancouver City Council approved Westbank’s rezoning application for the property in May 2022. It called for a 40-storey, luxury market strata ownership condominium tower with 128 units, with the developer committing to a $44-million public benefits package in exchange for the density and market residential uses, including $37 million in the form of a cash community amenity contribution (CAC). This direct financial contribution was intended to go into the City’s West End public benefits priorities, such as a new replacement Vancouver Aquatic Centre.

A development permit application based on the approved rezoning was submitted later in 2022, but it was later withdrawn in September 2025.

The exoskeleton architectural design of this condominium tower project was one of the final designs originally filed under Revery Architecture’s previous name of Bing Thom Architects. Internationally renowned Vancouver architect Bing Thom suddenly passed away about eight months before the formal rezoning application’s initial submission to the city.

The court’s written ruling references a new secured purpose-built rental housing project to replace the two existing strata residential buildings. This strongly suggests the developer was in the process of revising its plans to pursue a secured purpose-built rental housing uses. However, City records show that no formal application has been submitted yet to change the project’s use.

In recent years, due to the sustained poor pre-sale market demand and economic challenges, such pivots have been common for many other Metro Vancouver projects, as a measure to improve the financial feasibility of developments.

October 2022 artistic rendering of 1668-1684 Alberni St., Vancouver. (Revery Architecture/Westbank)

According to the court’s ruling, interest payments had been missed since at least September 2025, and a formal repayment demand in January 2026 had not been satisfied.

The decision notes that interest was accumulating at approximately $5,150 per day. More than $300,000 in interest had accrued since BMO filed its receivership petition on Aug. 12, 2026.

BMO told the court it wanted a receiver appointed to sell the land and recover the money owed. It said it had lost confidence in the companies’ ability to refinance or arrange a property sale outside court.

The judge noted that the companies acknowledged they had made no proposals to repay the debt despite earlier promises, and that BMO had given them opportunities to resolve the defaults. Rental income was also not being paid to the bank as required.

“At the end of the day, it is clear in this case that the debt is not being paid. The respondents concede that they have made no proposals to pay the debt, despite earlier promises to that effect. The respondents concede that the bank has provided opportunities to them to resolve the defaults, and that the respondents have been unable or unwilling to do so,” reads the ruling by Justice Woo.

The companies opposed receivership, arguing that BMO had not demonstrated a financial risk that justified the order and that foreclosure would be a less intrusive way to recover its money.

Loo agreed with parts of their criticism. No evidence of the land’s market value had been put before the court, and the bank had not proven the financial risk it faced. There was also no evidence of assets being wasted or of mismanagement or dysfunction beyond the failure to pay BMO.

The judge criticized a bank manager’s assertion that the project’s complexity required a receiver, saying it lacked specific facts to explain why.

“This evidence is thin indeed. Conclusory statements which simply track the language in the case law without stating the underlying material facts specific to the case at bar are not particularly helpful to the Court,” wrote Justice Loo.

1668-1684 Alberni Street Vancouver exoskeleton condo tower westbank

October 2022 artistic rendering of 1668-1684 Alberni St., Vancouver. (Revery Architecture/Westbank)

However, the judge ultimately concluded that receivership was warranted because of the prolonged non-payment, the lack of repayment proposals, BMO’s contractual right to seek a receiver, and the nature of the property and its ownership structure.

The companies had requested a six-month period to resolve the debt before a receiver-led sale. BMO sought an immediate appointment and sale powers.

Loo instead set the mid-February 2027 deadline, four months after the Oct. 13, 2026 court hearing. Before then, the receiver cannot take charge of the sale process, enter into sale agreements or seek court approval for a sale. But those abilities can take effect on Feb. 13, 2027 if the mortgage debt remains unpaid.

Westbank’s inclusion in the order was separately contested. The companies argued that Westbank had not pledged security to BMO and warned that a receivership involving its assets could trigger defaults on other projects. But Justice Loo noted that no evidence had been provided to support that warning.

“The respondents submit that any receivership order in respect of Westbank may be highly prejudicial to it, as a receivership order in respect of any of Westbank’s assets may constitute a default under security documentation on other projects. However, there is no evidence before the Court in this regard,” reads the ruling.

BMO or the receiver can return to court to request additional powers if the circumstances warrant.

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