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Robert Campeau
Date of Birth: 03.08.1923
Country:  Canada |
Content:
- Early Life and Career
- Real Estate Success in Ottawa
- Rise of a Business Empire
- Expansion to Other Cities
- American Expansion and Bankruptcy
Early Life and Career
Robert Campeau, a Canadian financier and real estate developer, was born on August 3, 1923, in Chelmsford, Ontario. Despite leaving school in the 8th grade, Campeau pursued a career in construction, starting out as a laborer and carpenter at INCO.
Real Estate Success in Ottawa
In 1949, Campeau ventured into the construction industry, building his first house in partnership with his cousin. His business thrived in Ottawa, where he constructed numerous office complexes and residential buildings to accommodate the city's growing government bureaucracy. However, Campeau faced competition from Assaly Construction Limited and Minto Developments Inc., owned by future Ottawa mayor Lorry Greenberg.
Despite controversies over planning decisions with Mayor Charlotte Whitton, who famously declared, "When I look at his buildings, I think that perhaps the H-bomb is not such a bad thing after all," Campeau gained a reputation as a high-quality builder, becoming the city's most successful developer.
Rise of a Business Empire
In Kanata, a suburb of Ottawa, a street was named after Campeau in recognition of his contributions. He defied restrictions on building heights in the city center and became embroiled in conflicts over skyscrapers, including the Place de Ville office tower complex, which includes the tallest building in Ottawa, Place de Ville C.
Campeau's connections to Ottawa's bureaucracy and politicians, including Prime Minister Jean Chrétien, Jean Marchand, and Michael Pitfield, facilitated the approval of many of his projects.
Expansion to Other Cities
Campeau's real estate ventures extended beyond Ottawa. In Toronto, he built the second-tallest skyscraper in the city, the Scotia Tower, and the Harbour Castle Hotel, now owned by the Westin chain.
American Expansion and Bankruptcy
In the mid-1980s, Campeau's business empire expanded into the United States. Through the use of junk bonds, his Campeau Corporation gained control of Allied Stores and Federated Department Stores, which owned the iconic department store chain Bloomingdale's. Robert engaged the services of prominent American banker Bruce Wasserstein to assist in this acquisition.
However, the massive debt incurred from the acquisition, combined with a downturn in the retail market, made it impossible for the corporation to meet its obligations. Federated Department Stores and Allied Stores filed for bankruptcy, and despite an attempt at reorganization, the business failed. The company was eventually acquired by the Reichmann brothers, who also went bankrupt, leading to the demise of Campeau Corporation.
