✍️ By Karalee Greer | WBN News – Kitsilano | September 8, 2025  Subscription to WBN and being a Contributor is Free.

Westbank Divests Stake in Sen̓áḵw Housing Project

Developer Westbank Corp. has sold its entire stake in the Sen̓áḵw housing development—a major Indigenous-led project by the Squamish Nation in Vancouver—marking a significant shift in ownership. ⁠Prpeakconstructconnect.com

Now, OPTrust, one of Canada’s largest pension funds, holds a 50% ownership share in Phases 1 and 2, with the remaining half retained by the Squamish Nation. This equal partnership is described by the Nation as a move to strengthen their economic sovereignty and protect their interests in this transformational project.⁠PrpeakBCBusiness

The Squamish Nation now owns 100% of Phases 3 and 4, including the land beneath, reflecting a significant stride toward long-term financial independence.⁠ A new development manager is currently being selected to oversee completion of Phase 2 and planning for the next phases.⁠

For Westbank, the sale acknowledges the Nations’ growing capacity to lead development on their ancestral lands. The company expressed pride in its role supporting Phase 1 and its intention to continue collaboration on future initiatives.⁠Prpeak

OPTrust praised the project as a “transformative development” that advances long-term retirement security for its members while delivering urgently needed housing—including affordable rental units—to Vancouver’s market.⁠

The Sen̓áḵw project, backed by a $1.4-billion federal loan, is one of the largest housing initiatives in the region and stands out as a monumental Indigenous economic development in Canada.⁠Prpeakconstructconnect.com Phase 1 towers—27, 32, and 40 storeys—have topped out and will deliver over 1,400 new homes by early 2026.⁠

Located on reclaimed traditional Squamish territory, the site once housed a village and was later appropriated by the CPR before being returned via a Federal Court decision.⁠

Karalee Greer - Publisher   Subscription to WBN and being a Contributor is Free.

Tags: #WBN Kitsilano #Karalee Greer #Senakw #Squamish Nation #Westbank #OPTrust #Indigenous Economic Development #Vancouver Housing 

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