Mizrahi Development Group (1451 Wellington) Inc. is seeking another extension of creditor protection as construction continues at its luxury condominium development in Ottawa’s Westboro neighbourhood, more than two years after the company entered insolvency proceedings.

The developer has asked the Ontario Superior Court of Justice to extend its protection under the Companies’ Creditors Arrangement Act (CCAA) until December 18, 2026, allowing additional time to complete construction and develop a longer-term restructuring plan.

According to an October 29 report from court-appointed monitor MNP Ltd., construction at the 12-storey development, known as 1451 Wellington – The Residences at Island Park Drive, is now expected to continue into December. The company had previously anticipated completing the remaining work and registering the condominium in October.

The latest court filings indicate that work remains on floors 10 through 12, the roof and commercial space. The City of Ottawa has authorized occupancy from the third parking level through the ninth floor.

The development is being financed through a $54.5-million debtor-in-possession lending facility. As of October 9, approximately $50.15 million had been advanced, leaving $4.35 million available. The company also paid approximately $113,000 in delayed occupancy compensation during the preceding 19 weeks.

The delays have affected condominium purchasers. According to an October 26 affidavit from Sam Mizrahi, 42 units involving 38 former purchasers have entered a court-supervised deposit-return process established in March 2026.

MNP supports the requested extension, stating that updated cash-flow projections indicate sufficient liquidity to meet expenses through December 18, provided financing remains available.

The developer expects to return to court in December to seek a longer extension and potentially additional financing as it prepares to complete the project, register the condominium and proceed with unit sales and closings.