Westbank sells stake in massive Squamish Nation housing development in Vancouver | CBC News Skip to Main Content Accessibility Help Menu When search suggestions are available use up and down arrows to review and enter to select. Search Search Sign In Quick Links News Sports Radio Music Listen Live TV Watch news Top Stories Local Climate World Canada Politics Indigenous Business The National Health Entertainment Science CBC News Investigates Disability Life Go Public About CBC News Being Black in Canada More Westbank sells stake in massive Squamish Nation housing development in Vancouver | CBC News Loaded British Columbia Westbank sells stake in massive Squamish Nation housing development in Vancouver Squamish Nation says the Vancouver-based developer has sold its entire stake in the multi-tower Senakw housing project in Kitsilano. OPTrust has acquired Westbank's share in the Kitsilano housing project's first two phases Brenna Owen · The Canadian Press · Posted: Aug 29, 2025 12:59 PM EDT | Last Updated: August 29, 2025 Play Listen to this article Estimated 4 minutes The audio version of this article is generated by AI-based technology. Mispronunciations can occur. We are working with our partners to continually review and improve the results. Squamish Nation's landmark Senakw rental housing complex is seen under construction in Vancouver on July 18. (Ethan Cairns/CBC) Social Sharing Developer Westbank Corp. has sold its entire stake in the Squamish Nation's massive Senakw housing project, which broke ground in Vancouver in 2022, backed by a $1.4-billion federal loan for construction. The nation issued a statement Thursday saying OPTrust, which manages one of Canada's largest pension funds, had bought out Westbank's stake, increasing OPTrust's ownership in the first two phases of the development to 50 per cent. "This decision to support the sale of Westbank's share to a strong Canadian pension fund was rooted in protecting the nation's business interests in the project, strengthening the future of this development and honouring our nation's sovereignty," the nation said in another update posted to its website. It said the restructured partnership means Squamish Nation and OPTrust share equal ownership in phases 1 and 2 of the multi-building development in Vancouver's Kitsilano neighbourhood. Westbank representatives did not immediately respond to a request for comment. Westbank, founded by Ian Gillespie, is one of Vancouver's most prominent developers, behind such projects as Vancouver House and the five-million-square-foot Oakridge Park, scheduled for completion in 2027 in partnership with the QuadReal Property Group. An artist rendering of the Senakw housing project. (Submitted by Revery Architecture) The nation did not say how much OPTrust paid for Westbank's stake. Through the reorganization, the nation said it had secured 100 per cent ownership in phases 3 and 4, calling the move "an unprecedented step toward self-sufficiency." "It means the Squamish Nation will fully own those phases of the project and the land underneath it. We can now make all the decisions about the future of these phases. This is a big step toward our nation's long-term plan for financial independence," it said. The nation is selecting a new development manager to oversee the completion of Phase 2 and start planning for phases 3 and 4, it said. 'Forging new ground': Squamish Nation planning 11 towers next to Burrard Bridge Canada provides $1.4 billion for 3,000 rental homes in deal with Vancouver-area First Nation Peter Lindley, president of OPTrust, said in a statement the project is a "transformative development" that supports long-term retirement security of the trust's members while providing much-needed housing, including affordable 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," he said. 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 was 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." The Senakw development is slated to include 6,000 rental units, 1,400 of which are expected to be ready next year. (Ben Nelms/CBC) All three towers in Phase 1 have reached their full heights of 27, 32 and 40 storeys, the nation said in its statement. The buildings will open with more than 1,400 new homes next year, it said. The nation said a referendum of its members was not necessary for the reorganization because it did not require a new lease of reserve land, and it was determined the move was "in the nation's best financial interests." Financing for Phase 1 through the Canada Mortgage and Housing Corporation is complete and the process is underway for Phase 2, it noted. The nation, through its development corporation, had made a short-term loan to the project partnership to keep construction going at its current pace. "That loan, together with interest, has since been paid back to the nation through funds provided by OPTrust," an update posted to the nation's website said. "The Nation is not required to inject any funds into [phases 1 and 2] of the project." CBC's Journalistic Standards and Practices · About CBC News Corrections and clarifications · Submit a news tip · Report error Related Stories Top stories from British Columbia No shoe, no problem: Olympian Clara Hughes completes West Coast Trail wearing borrowed Croc Mounting layoffs at B.C. schools creating 'biggest crisis in post-secondary ever,' faculty association says 12 people taken to hospital after boat collision on Okanagan Lake Footer Links My Account Profile CBC Gem Newsletters About CBC Accounts Connect with CBC Facebook X YouTube Instagram Mobile RSS Podcasts Contact CBC Submit Feedback Help Centre Audience Relations, CBC P.O. Box 500 Station A Toronto, ON Canada, M5W 1E6 Toll-free (Canada only): 1-866-306-4636 About CBC Corporate Info Sitemap Reuse & Permission Terms of Use Privacy Privacy Preferences Jobs Our Unions Independent Producers Political Ads Registry AdChoices Services Ombudsman Corrections and Clarifications Public Appearances Commercial Services CBC Shop Doing Business with Us Renting Facilities Radio Canada International CBC Lite Accessibility It is a priority for CBC to create products that are accessible to all in Canada including people with visual, hearing, motor and cognitive challenges. Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem . About CBC Accessibility Accessibility Feedback © 2026 CBC/Radio-Canada. All rights reserved. Visitez Radio-Canada.ca