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4h ago

OPTrust Becomes Co-Owner of Senakw’s First Two Phases as Westbank Exits

The reworked partnership brings institutional capital, consolidating Squamish control.

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Sen̓áḵw rental towers being built by the Squamish Nation in Kitsilano near the Burrard Street Bridge.

Overview

  • Squamish Nation now holds 50% of Phases 1 and 2 alongside OPTrust and 100% ownership of Phases 3 and 4.
  • A short-term loan the Nation provided to maintain construction pace was repaid with OPTrust funds, and no further Nation capital is required for Phases 1 and 2.
  • Nch’ḵay̓ Development Corporation will take greater oversight and is selecting a new development manager for Phase 2 and future phases.
  • Phase One’s three towers have topped out, with more than 1,400 rental homes scheduled to open in 2026.
  • The roughly 6,000-unit project is backed in part by a $1.4 billion CMHC-supported construction loan, and OPTrust frames the investment as delivering returns and needed housing, including affordable units.