VANCOUVER — The Squamish Nation says Vancouver-based developer Westbank Corp. has sold its entire stake in its massive Senakw housing project, which broke ground in 2022 backed by a $1.4 billion federal loan for construction.
A statement from the nation says OPTrust, which manages one of Canada’s largest pension funds, has acquired Westbank’s share in the project’s first two phases as part of a restructured partnership.
It says the move means OPTrust and the First Nation share equal ownership in Phases 1 and 2 of the multi-building development in Vancouver’s Kitsilano neighbourhood.
The nation says it has secured 100 per cent ownership in Phases 3 and 4.
It calls the move “an unprecedented step toward self-sufficiency.”
Westbank representatives did not immediately respond to a request for comment.
The nation’s statement says its decision to support the sale of Westbank’s stake was rooted in protecting its business interests in the project, strengthening the future of the development and honouring the nation’s sovereignty.
The development is located on the site of an ancient Squamish village.
The land had been appropriated by the Canadian Pacific Railway a century ago and returned to the nation in 2003 by the Federal Court of Canada.
Once complete, the Senakw development is slated to include 6,000 rental units, with half of those financed by Ottawa’s loan.
Then-prime minister Justin Trudeau was at the site when the project broke ground, while former Vancouver mayor Kennedy Stewart touted the development as “the largest First Nations economic development in Canadian history.”
All three towers in phase one have reached their full heights of 27, 32 and 40 storeys, the nation says in its statement issued Thursday.
It says the buildings will open with more than 1,400 new homes next year.
This report by The Canadian Press was first published Aug. 29, 2025.
The Canadian Press
