Westbank Corp. has sold its entire stake in the Senakw housing project in Vancouver, backed by a $1.4-billion federal loan for construction. The Squamish Nation, managed by OPTrust, has increased OPTrust’s ownership in the first two phases of the development to 50%. 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. The nation said the move was rooted in protecting the nation’s business interests, strengthening the future of the development, and honoring the nation’s sovereignty.
The nation is selecting a new development manager to oversee the completion of Phase 2 and start planning for phases 3 and 4. The Senakw development is located on the site of an ancient Squamish village and is slated to include 6,000 rental units, with half of those financed by Ottawa’s loan. 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 was determined to be “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.
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