Eagle View Heights developers get CCAA protection to finish Gibsons Project

464 Eaglecrest Drive Limited Partnership, TCD Developments (Gibsons) Ltd. and 464 Eaglecrest Drive Properties Ltd., the developers behind Eagle View Heights, a near-complete residential development at 464 Eaglecrest Drive in Gibsons, British Columbia, obtained Companies’ Creditors Arrangement Act protection on June 8, 2026.

Phase 1 of Eagle View Heights consists of 63 homes across 12 residential buildings, including upper townhomes, garden suites, mid and lower condominium buildings, a multi-level parkade, shared amenity facilities and a central landscaped park. A contemplated Phase 2 is expected to add 24 homes. The property spans approximately 4.7 acres from Eaglecrest Drive to Winn Road/Stewart Road. The petitioners have pre-sold 60 Phase 1 units with aggregate contracted sale value of approximately $59.9 million, while three units remain unsold at approximately $4.5 million. Deposits total approximately $12.1 million, consisting of approximately $7.3 million in cash deposits and approximately $4.8 million in bond deposits.

The developers said the project was derailed by cost escalation, carrying costs, construction delays and lien claims. The initial hard cost budget from Kindred Construction was approximately $48 million, but the budget increased to approximately $54 million by the end of 2023 and is now estimated at approximately $66 million. The companies attribute the increases to escalation claims, procurement costs, change orders, drawing revisions, trade cost increases and delay-related costs, including a roughly four-month construction pause in December 2021 while final construction financing was completed and the project was retendered.

Disagreements arose between the developers about the budget in December 2025. As a result, multiple trade creditors filed construction lien claims against the property, materially impacting the developers’ ability to continue construction in the ordinary course. Construction later stopped in February 2026 and senior secured creditor Envision Financial, a division of Tru Cooperative Bank, owed approximately $48.3 million, issued demand on May 5, 2026. The companies owe an addition $4.3 million in accounts payable and accrued liabilities, $1.7 million in loans payable and accrued, and $17.3 million due to related companies. Lien claimants assert approximately $6.5 million, although the petitioners say there is duplication among those claims, and other unsecured creditors are owed approximately $691,136.

The immediate restructuring plan is narrow: finish Phase 1, obtain final inspections and occupancy approvals, register the strata plan, close the existing pre-sales and resolve lien and other claims where possible. Most construction is complete, including structural work, envelope, roofing, glazing, interior finishing, millwork, plumbing fixtures, appliances, elevators, mechanical and electrical systems, the parkade and the amenity building. Remaining work is described as deficiency remediation, minor finishing, commissioning and testing, landscaping, final inspections, municipal sign-offs and occupancy approvals. The petitioners estimate that Phase 1 can be completed within three months after construction restarts, with costs to complete of approximately $6.75 million, excluding amounts required to fully fund statutory holdbacks.

The municipal path is also time sensitive. The Phase 1 building permits, except for Building 1, are set to expire on July 12, 2026, and the outside date under the current disclosure statement is August 3, 2026. The petitioners say the strata plan is ready to be submitted for registration, but registration has been delayed because the Town of Gibsons required additional landscaping security of $297,398.40 for the central park and common areas.

FTI was appointed monitor with enhanced powers. Tru is providing a DIP loan. Counsel is Bridgehouse Law for the petitioners, DLA Piper for the monitor, and Baker Newby for Tru.