A bit over three years after commencing construction, the high-rise tower at 2538 Birch Street in Vancouver, at the intersection with Broadway, has been completed and is now set to go through a court-ordered sales process, according to documents in the Supreme Court of British Columbia and a sales brochure obtained by The Realist.
The project was being undertaken by Vancouver-based Jameson Development Corp and has been the subject of controversy since the very beginning, with locals concerned about the height (before the Broadway Plan was approved).
At 2538 Birch Street (formerly known as 1296 West Broadway), Jameson initially proposed a 16-storey building with 153 rental units that received rezoning approval, but then changed the proposal to a 28-storey tower with 258 rental units after the City of Vancouver introduced the Moderate Income Rental Housing Pilot Program (MIRHPP) in 2017.
The rezoning application was approved by Council in July 2020 after a three-day public hearing during the COVID-19 pandemic and construction commenced in June 2023, as I previously covered for Storeys. That same month, the Government of British Columbia announced that it was providing approximately $164 million in low-interest financing for the project through BC Housing.
Construction continued and was nearing completion until the project was placed under creditor protection in late-November 2025, as first reported by The Realist, although this particular case was initiated by the developer themselves instead of the lender, BC Housing.1
Court documents disclosed that Jameson Development and BC Housing entered into a loan agreement in November 2022 for a demand non-revolving credit facility up to a maximum principal amount of $164,227,655, with the interest rate set at RBC Prime Rate + 1% per annum until January 27, 2026, after which the interest rate escalates to RBC Prime Rate + 6%.
According to Jameson’s application, BC Housing had advanced $156.5 million as of August 2025, but then denied Jameson’s draw request on September 19, informing them that the remaining $8,102,312 was being held back for estimated interest and other fees, which Jameson said threw the project into a “liquidity crisis” that resulted in them seeking out creditor protection. Construction crews then walked off the site around October and numerous lien claims followed.
Court documents also disclosed that the project — legally owned under 1061511 B.C. Ltd. — was beneficially owned by Jameson Broadway & Birch General Partner Ltd. and Jameson Broadway & Birch Limited Partnership, with Jameson Development Corp owning a 75% stake through James Holdings Ltd. and Gatland Capital Corporation owning the remaining 25%.
In their creditor protection application, Jameson said further equity injections, loans from limited partners, and refinancing were all unfeasible options, so they decided to sell the project and had already secured a buyer.
Jameson said it entered into a sale agreement with FPB Holdings Group lnc. on August 12 for a purchase price that was later increased by $6 million to $235,000,000, which the developer said would allow all parties to be repaid in full and even result in $29,029,145 in leftover sales proceeds. The price was at least in part based on an appraisal of $240,000,000 that was obtained for the project, which multiple industry sources described to The Realist at the time as surprising and unrealistic.
The Realist identified FPB Holdings Group Inc. as First Peoples Group, a “100% Indigenous-owned and operated advisory firm with more than 25 years of experience working alongside First Nations, Inuit, and Métis communities across Canada.” Around the same time, a rezoning text amendment application was submitted to the City seeking to change the allowed use of 200 market rental units into 2002 “Temporary Accommodation for Medical Care units” to be operated as a medical travel lodge called the Dunna’eh House of Healing.
At the time of the filing, Jameson said construction was 91% complete and estimated that $20.3 million was needed to complete the project. Jameson’s creditor protection application was granted on November 25, which also allowed it to secure $25,875,000 in interim financing from Maynbridge Capital lnc. at an interest rate of 9.95%. Construction resumed, with the sale not expected to close until after construction was completed, but the sale was then abruptly terminated in December, as first reported by The Realist.
Note: The latter half of this story is exclusively for paid subscribers. It details the current status of the project, the sales process, and the contents of the sales brochure, a copy of which is also attached below.
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