BC -Developer Westbank sells the importance in Squamish Nation Housing Project
The ambitious apartment project being developed by the Squamish Nation in British Columbia has undergone a significant change in ownership. Westbank Corp., the private developer who initially partnered with the nation on the project, has sold its remaining interest to an important pension fund in Ontario.
This move comes as Westbank Corp. faces challenges in the Vancouver residential market, leading to a series of divestments from the company. The Senakw project, which has already completed the first three towers of an 11-tower development, will now be a “restructured partnership” with Optust, the Ontario pension fund.
Optust will now be a 50-50 partner with the Squamish Nation for the first two phases of the project. The nation, known for its entrepreneurial spirit and substantial real estate assets, will take full control of the project for the remaining two phases. The SENAKW development received a significant construction loan of $1.4 billion from the federal government in 2022, the largest of its kind in the country.
The Senakw project, located on the west side of Vancouver, is expected to include 6,000 rental properties once all 11 towers are completed. The nation plans to rent 1,200 of those units at rates 30 to 40 percent lower than other parts of the city. However, the completion of the remaining eight towers may be delayed due to market conditions.
Both the nation and Westbank have remained tight-lipped about the financial details of the deal. However, the Squamish Nation’s annual report for 2023-2024 indicated that Westbank had contributed nearly $120 million to the project.
Westbank Corp. founder Ian Gillespie, known for his iconic towers in Vancouver, expressed pride in supporting the Squamish Nation in the early stages of the project. The transition to a new partnership reflects the nation’s growing capacity for development and their desire to lead on their ancestral lands.
Optust CEO Peter Lindley echoed this sentiment, highlighting the transformative impact of the Senakw project on both pension security and affordable housing in Vancouver. The Squamish Nation and its development group, Nchkay Development Corp., are excited about the new partnership and the increased control it provides over project planning and implementation.
Overall, the Senakw project represents a significant milestone in the Squamish Nation’s journey towards reclaiming their ancestral village and driving economic development.
