Text messages allegedly sent by Ian Gillespie, founder of prominent British Columbia development company Westbank, have surfaced in court documents, revealing significant financial challenges at several of the firm's high-profile projects. According to filings by former vice-president Rhiannon Mabberley, Gillespie acknowledged in September 2025 communications that key developments were not profitable, behind schedule, over budget, or struggling to sell units.
Legal Battle Unveils Internal Struggles
Mabberley filed a breach of contract claim in B.C. Supreme Court in December, alleging Westbank owes her $1.2 million based on an employment agreement. The company responded that bonus payments were contingent on project profits, which were not achieved on developments she worked on. An affidavit submitted by Mabberley in late January included text messages that purportedly show Gillespie discussing these financial difficulties.
"We arranged your bonuses to be based on the profits of the different projects we were developing and we agreed that you would participate in the profits of those projects. The unfortunate reality for both of us and the rest of the company is these projects were not profitable," stated one text message included in the court filing.
Specific Projects Facing Challenges
The messages detail troubles at multiple Westbank developments across North America. In Vancouver, The Alberni—a 43-storey mixed-use residential tower at 1550 Alberni Street—reportedly has many unsold units and outstanding vendor-take-back mortgages. The Butterfly, a 57-storey condo tower at 1033 Nelson Street, is described as "well over budget" with slow and uncertain closings.
Similar issues plague First Light in Seattle and King Street in Toronto, with texts indicating these projects are "many tens of millions underwater" due to increasing budgets and uncertainty about closing remaining units. The massive Oakridge Park redevelopment with QuadReal is also mentioned as being "way behind schedule."
Company Response and Authentication Questions
A Westbank spokesperson declined to comment on the text messages, noting their authenticity has not been proven in court. The messages, if genuine, provide rare insight into the internal struggles of a company known for some of Vancouver's most expensive condo developments.
The court documents also reference disappointment regarding Westbank's sale of its entire stake in Sen̓áḵw, a major high-rise rental project developed with the Squamish Nation near the Burrard Bridge. According to the texts, the company was dissatisfied with the price received from OPTrust in late August for this transaction.
Broader Context of Real Estate Challenges
These revelations come amid broader challenges in Vancouver's real estate market, where high-profile developments have faced increasing scrutiny regarding affordability and market conditions. Westbank's acknowledgment of profitability issues at signature projects highlights the complex financial realities behind luxury development in competitive urban markets.
The ongoing legal proceedings between Mabberley and Westbank continue to unfold, with the text messages serving as central evidence in the dispute over bonus payments tied to project performance. As the case progresses through B.C. Supreme Court, further details may emerge about the financial health of one of the province's most prominent development firms.
