Vancouver developer Ian Gillespie, founder of Westbank Projects Corp., acknowledged in text messages last year that several of his company’s high-profile developments were facing financial difficulties, according to a court filing by a former Westbank vice-president.
Rhiannon Mabberley, who served as Westbank’s vice-president of development, filed a notice of claim in December 2025 in British Columbia Supreme Court, alleging the company owes her $1.2 million based on an employment agreement. Westbank responded to the claim, stating that payments to Mabberley were contingent on profits from projects she oversaw, profits which the company asserts were not realized.
An affidavit submitted by Mabberley includes text messages purportedly sent by Gillespie detailing issues with multiple projects. While the authenticity of the messages has not been proven in court, they offer a rare glimpse into the challenges facing Westbank, a company known for its ambitious and often expensive developments.
Westbank, founded by Gillespie in 1992, has grown to encompass over $25 billion in completed or underway projects across Canada and, increasingly, in the United States and Japan, including residential, rental, affordable housing, office, retail, and hotel properties. The company likewise owns Creative Energy, formerly Central Heat, a district utility company in downtown Vancouver, acquired in 2014.
The court filings do not specify which projects Gillespie referenced in the text messages, but reporting indicates that developments such as Oakridge Park, the Butterfly building on Nelson Street, and Alberni by Kengo Kuma are among those experiencing difficulties. These projects have faced issues with sales, delays, and budget overruns, according to sources familiar with the situation.
A Westbank spokesperson declined to comment on the text messages, citing the ongoing legal proceedings and the unproven nature of their authenticity. Mabberley’s claim remains before the court, and Westbank is contesting the amount owed.
Ian Gillespie, born in Port Coquitlam, British Columbia in 1961, holds a Business degree from the University of British Columbia (1985) and an MBA from the University of Toronto (1986). He began his career at Schroeder Properties, a shopping centre developer, before founding Westbank. Gillespie is married to Stephanie Dong, the niece of prominent Vancouver property developer Robert H. Lee.
As of February 24, 2026, Westbank employs over 1800 people, including those working within its construction arm, ICON West Construction, and its hotel and restaurant holdings. The company has not publicly addressed the allegations raised in the court filings.
