Jameson Broadway & Birch Group seeks CCAA protection to rescue stalled Vancouver tower

Jameson Broadway & Birch Limited Partnership and its related entities obtained CCAA protection on November 25 in Vancouver after construction on their 28-storey mixed use tower at 2538 Birch Street halted in late October due to a cash shortfall and the suspension of further funding by BC Housing. Justice Masuhara granted an Initial Order that preserves the group’s ability to stabilize site operations, maintain security, and continue preparations for a restructuring anchored in completing the building and closing a signed purchase agreement that would repay all creditors in full.

The project is a 258-unit rental development with 58 below-market MIRHPP units sitting above a three-level commercial podium and five levels of underground parking. According to the record, construction is roughly 91% complete, with glazing, interior finishing, landscaping, and parkade work still outstanding. The petitioners reported that BC Housing suspended draws in September after determining that approximately $8.1 million needed to be reserved for interest, fees, and legal costs, which left only $150,000 available under the $164.2 million senior facility and pushed the development into a liquidity crisis.

The group disclosed total secured debt of approximately $156.5 million to BC Housing and about $12.5 million to James Holdings Ltd., alongside roughly $8.5 million in outstanding payables to Metro-Can Construction and consultants. Builders liens have also been registered. The petitioners attribute the shortfall to chronic undercapitalization, the BC Housing draw suspension, and the resulting inability to keep Metro-Can mobilized on site. They noted that the development had been expected to reach substantial completion in May 2026, provided that construction funding could be restored.

A restructuring strategy is already taking shape. The petitioners intend to return to court on December 5 to seek approval of a committed $25.875 million interim financing facility that would allow Metro-Can to remobilize and complete the remaining work. The plan also revolves around an executed purchase agreement with FPB Holdings Group Inc., which features a purchase price of $235 million and would deliver a full recovery to creditors if the sale closes.

Alvarez and Marsal Canada was appointed Monitor. Dentons Canada acts for the petitioners, while DLA Piper represents the Monitor. Richards Buell Sutton acts for BC Housing, Harper Grey is on for Metro-Can, Owen Bird is on for Gatland Development Corporation and Cassels Brock & Blackwell represents Portage Capital Corporation.