Westbank sells its entire ownership stake in Squamish Nation's Senakw rental housing project

First residents could move into Senakw's first rental housing tower by the end of 2025

First Nation could buy Central 1 Credit Union office building next to Senakw

Squamish First Nation adopts BC residential tenancy protections for its housing projects

Squamish Nation outlines possible land use concepts for North Shore reserves

Opinion: Squamish Nation sets the record straight on the real high cost of reclaiming Senakw reserve land

From the outset, when planning for the project was underway, Westbank and the First Nation had a 50/50 partnership. It was previously stated that Senakw’s rental housing income could generate up to $20 billion throughout the entire lifespan of the buildings.

But over time, Westbank’s stake was reduced, with a third ownership partner later introduced. Before today’s announcement, OPTrust previously entered its involvement in the project with a 20 per cent stake.

OPTrust is one of Canada’s largest pension funds, managing more than $26 billion in net assets through the OPSEU Pension Plan and OPTrust Select. The plan is run so that both the workers who pay into it and the Ontario provincial government have an equal say in how it is managed and invested.

“Today, we are celebrating OPTrust’s increased commitment to the Sen̓áḵw development, a project that represents a significant step in the return of Squamish People to our ancestral village,” said Squamish Nation council member and spokesperson Wilson Williams in a statement.

“We are dedicated to ensuring that this development is not only sustainable but also rooted in the values and long-term vision of the Sḵwx̱wú7mesh Úxwumixw.”

It was also noted from the outset of the project — before the pandemic — that the rationale to partner with Westbank on Senaḵw was to allow the First Nation to gain experience and expertise to become a real estate developer in its own right. The First Nation is also in the process of planning the long-term developments of its other reserves in Metro Vancouver and the Sea to Sky corridor.

All three towers in Senakw’s Phase One have now reached their full heights of 27 storeys, 32 storeys, and 40 storeys. Phase One is the only phase of Senakw situated on the west side of the bridge, immediately adjacent to Vanier Park. The shortest of these buildings, Tower 1, was the first to top out on its rooftop in its construction ascent in early 2025.

Together, Phase One’s three towers will add about 1,400 secured purpose-built rental homes to the local housing market when fully completed in 2026, including nearly 300 affordable housing units.

The project will also feature local-serving retail/restaurant uses, green and open spaces, and other publicly accessible areas showcasing the First Nation’s cultural identity and art. A three-storey pavilion will offer residents a gym, pool, wellness centre, and lounge. The development also includes car-sharing services and a new TransLink public transit bus hub on the bridge deck.

Each of Senakw’s four phases feature roughly 1,500 rental homes, with each including an affordable housing component. When fully complete, Senakw will boast over 6,000 secured purpose-built rental homes, including about 1,200 affordable units and the remainder as market units — providing much-needed homes for working individuals and students.

Up to 9,000 people are expected to live in Senakw. The same protections of the Government of B.C.’s Residential Tenancy Act (RTA) will be adopted for Senakw and all other future on-reserve housing projects by the First Nation.

This will be car-lite site with under 900 vehicle parking stalls provided across all phases.

Some site preparation work — clearing, demolition, and excavation — has already been conducted on the east side of the bridge for Senakw’s remaining phases. The re-start of full excavation work on the footprint of Phase Two is anticipated to resume in Fall 2025.

The tallest tower of Tower 9 — reaching 560 ft with 58 storeys — will be achieved in Phase Three, and contain over 900 rental homes.

Construction on the first phase began in September 2022, when the federal government — through Canada Mortgage and Housing Corporation (CMHC) — provided the First Nation with $1.4-billion in low-cost, repayable construction financing toward the first two phases. At the time, this was stated to be the largest loan ever offered to a housing project by CMHC. As Senakw is being built on a reserve, it did not require the City of Vancouver’s review and approval to proceed. However, a services agreement was hammered out between the First Nation and the City to ensure the development has the necessary utilities, road connections, and municipal services.

With Westbank exiting the project, it is also noted that the Squamish Nation will take on greater oversight of the project moving forward, especially toward construction and development. This will be performed through the First Nation’s economic development arm, Nch’ḵay̓ Development Corporation.

“Nch’ḵay̓ will have greater oversight related to certain aspects of construction and development while continuing to collaborate closely with the Nation on all cultural, artistic, and language elements. This demonstrates the Squamish Nation’s continued commitment to managing real estate assets and property development on our lands,” said Nch’ḵay̓ CEO Mindy Wight.

Peter Lindley, President and CEO of OPTrust, added, “Sen̓áḵw is a transformative development that supports the long-term retirement security of our members while delivering critical housing supply to the Vancouver community, including much- needed affordable housing units. This is one of the largest First Nations, non-resource, economic development projects in Canadian history; we are proud to deepen our partnership with the Squamish Nation whose vision and values are highly aligned with ours.”

This marks one of Westbank’s largest asset disposals to date, extending the developer’s recent pattern of offloading properties — including long-held flagship assets — in response to the challenging market conditions that have persisted since the pandemic.

You might also like:
• First residents could move into Senakw's first rental housing tower by the end of 2025
• First Nation could buy Central 1 Credit Union office building next to Senakw
• Squamish First Nation adopts BC residential tenancy protections for its housing projects
• Squamish Nation outlines possible land use concepts for North Shore reserves
• Opinion: Squamish Nation sets the record straight on the real high cost of reclaiming Senakw reserve land