Eagle View Heights: Panorama's fixed price and the lender's objection to Kindred

The schedule attached to the contract that would finish Eagle View Heights fits on two pages. It starts on September 22, 2026, hands over buildings 1 to 4 by October 9, gives the central park a "Full Two-Month Window" to November 22, and closes with a single line for December 18: "PROJECT WRAPPED UP AND OCCUPIED." A note at the foot of each page says the schedule "assumes immediate trade mobilization, parallel work fronts, timely inspections/sign-offs, and active deficiency closeout," per the Supplement to the Third Report of the Monitor, Sept. 21, 2026, App. "A", Sch. "B". The contract itself is a CCDC 2 stipulated price contract, dated September 18, between 464 Eaglecrest Drive Limited Partnership, by its general partner, and 1135361 BC Ltd., care of Panorama West Group in Surrey. The price is $3,819,732.00 before GST and $4,010,718.60 with it, and the contractor is to reach ready-for-takeover by December 18, subject to adjustment under the contract, per the Supplement to the Third Report of the Monitor, Sept. 21, 2026, App. "A", Arts. A-1, A-4, A-6.

The signature lines in the filed copy are blank, per the Supplement to the Third Report of the Monitor, Sept. 21, 2026, App. “A”. FTI Consulting Canada Inc., the monitor, which holds enhanced powers under the amended and restated initial order, has asked the court to approve the agreement and to authorize and direct it to enter into the contract on the petitioners' behalf. The application is set before Justice Coval for October 7, 2026 at 9:00 a.m., and the monitor estimates it will take an hour. Its notice describes 1135361 BC Ltd. as Panorama's wholly-owned subsidiary, per the Notice of Application (CM Agreement), Oct. 5, 2026, p. 2; Part 1, para. 1; Part 2, paras. 7, 10. When the case was reported here on September 9, the monitor had fixed-price budgets in hand from Kindred Construction Ltd., the incumbent general contractor, and from Panorama, and the interim lender was consulting its executive management before giving its view, per the Second Report of the Monitor, Sept. 4, 2026, paras. 35–36. The monitor has since chosen Panorama, and two of the four considerations it lists turn on the lender's position.

"In its own name"

The lender is Tru Cooperative Bank, formerly First West Credit Union, which provides the interim facility of up to $6.75 million. The monitor's Third Report, dated September 16, calls it "the stakeholder with the largest economic interest in the Project and the Interim Lender funding the completion of construction," and says the monitor has maintained regular communication with it "to obtain and consider its views," per the Third Report of the Monitor, Sept. 16, 2026, paras. 3, 17.

The Third Report describes KiND Development Group as "one of the shareholders of the Company." On or around early August, according to the monitor's notice of application, KiND advised the monitor and the lender that it had approached a third-party construction manager, Panorama, that had expressed an interest in completing construction, per the Notice of Application (CM Agreement), Oct. 5, 2026, Part 2, para. 26. Panorama's original proposal, the Third Report says, was "premised on the basis of a joint submission" between KiND and Panorama. At the lender's videoconference with Panorama in the week of August 24, "the Interim Lender advised that it would not support a joint submission and if Panorama wanted to act as the general contractor to complete construction, it would need to do so in its own name," per the Third Report of the Monitor, Sept. 16, 2026, paras. 18–19.

In the same meetings, the report says, the lender raised the historical cost overruns with both contractors, and the report puts figures on them: the monitor is advised that the original construction budget provided to the lender by the petitioners "in conjunction with Kindred" in June 2021 was approximately $47.9 million, with a proposed construction schedule of 28 months. Including the cost of the outstanding work, the report continues, total construction costs "are now expected to approach $63.4 million, an overrun of approximately $15.5 million or 32% over the original budget." The monitor forwarded both fixed-price budgets to the lender, which gave the monitor its "preferred path forward" on September 9, per the Third Report of the Monitor, Sept. 16, 2026, paras. 20–23.

The report then lists four considerations for the choice: that Panorama's fixed-price budget is "substantially less expensive than Kindred's"; that Kindred's arrears requirement "is not acceptable to the Interim Lender"; that it is unlikely all of the former trades will be needed back on site under Panorama's proposal, so arrears payments to trades are expected to be lower; and that "[t]he Interim Lender advised the Monitor that due to the substantive historical cost overruns, it had lost confidence in the incumbent parties to complete the project on a cost efficient basis and accordingly, it would oppose any go-forward proposal involving Kindred," per the Third Report of the Monitor, Sept. 16, 2026, paras. 24, 26.

The October 5 notice restates those reasons in its own words. In Part 2, its factual basis, the monitor says Panorama's proposal contemplates a fixed-cost budget "approximately $1 million less than that proposed by Kindred" and a lower amount to be paid toward pre-filing claims, and that the lender "has advised the Monitor that it will no longer support these CCAA proceedings if Kindred is selected as the construction manager for the remaining construction work on the Project," per the Notice of Application (CM Agreement), Oct. 5, 2026, Part 2, para. 32. In Part 3, its legal basis, the notice says the lender "has lost confidence in the incumbent parties to complete work on the Project and would oppose any go-forward proposal involving either Kindred or KiND," per the Notice of Application (CM Agreement), Oct. 5, 2026, Part 3, para. 13.

What Kindred is owed

Kindred's engagement dates from on or about November 6, 2020, when the petitioners entered into a CCDC 5B construction management contract under which it was to perform, manage and provide substantially all of the work, according to the monitor's notice. The notice says that in early 2026, before the CCAA filing, Kindred "suspended construction activities on the Project as a result of arrears that had accrued and were owing by the Petitioners to Kindred." On January 22, 2026 it filed a claim of lien against the project lands for $3,298,683.51, and at the date of the initial order, June 8, it was owed approximately $3.8 million; a number of the trades, the notice adds, have also filed liens, per the Notice of Application (CM Agreement), Oct. 5, 2026, Part 2, paras. 12, 14–16. No response from Kindred to the application is in the record read for this piece.