Westbank Faces Suit from Longtime Consultant

Westbank Projects, one of Vancouver’s most recognizable developers, is being dragged into court by a former insider who claims the firm promised him the CEO job and a hefty bonus then backed out when the market turned ugly.

The lawsuit, filed by Ian Duke and reported by Bloomberg News, offers a rare peek into the pressures facing the design-forward developer known for skyline-shaping towers and eye-catching collaborations with global “starchitects.” Duke alleges Westbank founder Ian Gillespie tapped him to take over as CEO in early 2024, with the transition formalized in an amendment to his consulting agreement effective June of that year. The deal, according to the filing, came with a CA$750,000 bonus for 2024 and a roadmap for Duke to shift from contractor to employee by 2025.

It didn’t happen. The complaint claims Westbank’s finances deteriorated as the real estate slump deepened, forcing the company to ask staff, executives and Duke to voluntarily defer their 2024 bonuses until it closed the sale of its stake in Senakw, a 6,000-unit development rising on Squamish Nation land near downtown Vancouver. That deal closed in August, but Duke said the promised bonus never arrived.

Instead, he claimed, Westbank soured on paying up after he took a job with Aquilini Investment Group — a rival developer with deep local holdings and control of the Vancouver Canucks. Duke’s affidavit said Westbank hasn’t disputed that the money is owed but has blamed financial strain and frustration with his move to a competitor for the delay.

The filing lands at an uneasy moment for Westbank. The developer has offloaded assets in recent months, including its Senakw stake, as high rates and softening condo demand weigh on balance sheets across the industry. The company’s projects remain lightning rods in Vancouver, where soaring housing costs and foreign capital crackdowns have made luxury development a political flashpoint. Westbank’s own marketing hasn’t always helped: a promotional video showing a Porsche lifted into a penthouse at its new Butterfly tower drew public ire over the city’s widening wealth gap.

Westbank declined to comment on the lawsuit, citing ongoing court proceedings. Duke also declined to comment. Court records show more than CA$787,000 — the disputed bonus plus taxes and fees — has been paid into court by the Royal Bank of Canada on behalf of Westbank, effectively freezing the funds while the case moves ahead.

— Eric Weilbacher