Vancouver’s Senakw rental housing project, a landmark development on Squamish Nation land at False Creek’s entrance, is at a turning point.
Westbank, a local developer, has exited its ownership role, paving the way for a restructured partnership between the Squamish Nation and OPTrust as Phase One approaches completion in 2026.
This shift empowers the Squamish Nation to lead as a real estate developer, with its economic arm, Nch’ḵay̓ Development Corporation, taking greater control.
OPTrust, managing over $26 billion in pension funds, has increased its stake to 50% in Phases One and Two, while the Nation retains 50% and full ownership of Phases Three and Four.
Senakw’s grove of towers, located at the Burrard Street Bridge’s south end, will deliver over 6,000 rental homes, including 1,200 affordable units, addressing Vancouver’s housing crisis.
Phase One’s three towers (27, 32, and 40 storeys) will provide 1,400 homes, cultural spaces, and amenities like a gym and TransLink bus hub.
With a projected $20 billion in rental income, Senakw blends cultural preservation, sustainability, and economic growth, setting a model for Indigenous-led urban development and reshaping Vancouver’s future.
Table of Contents
A Vision for Sustainable Urban Living
Located at the south end of the Burrard Street Bridge, adjacent to Vanier Park and at the mouth of False Creek, Senakw is a groundbreaking development on Squamish Nation reserve land.
The project, envisioned as a grove of high-rise towers, is set to deliver over 6,000 secured purpose-built rental homes across four phases, with approximately 1,200 designated as affordable housing units.
This ambitious initiative is not only a response to Vancouver’s housing crisis but also a testament to the Squamish Nation’s commitment to economic self-determination and cultural preservation.
The project’s first phase, comprising three towers of 27, 32, and 40 storeys, is nearing completion in 2026.
These towers will provide around 1,400 rental homes, including nearly 300 affordable units, addressing the critical need for housing for working individuals and students in one of Canada’s most expensive cities.
Beyond housing, Senakw will feature community-focused amenities, including retail and restaurant spaces, green areas, and cultural installations that celebrate Squamish Nation heritage.
A three-storey pavilion will offer residents a gym, pool, wellness centre, and lounge, while a TransLink bus hub and car-sharing services promote sustainable, car-lite living.
These elements reflect the Nation’s vision for a vibrant, inclusive community that balances modern urban needs with cultural significance.
Westbank, a prominent Vancouver-based developer, initially partnered with the Squamish Nation in a 50/50 ownership structure to bring Senakw to life.
This collaboration allowed the First Nation to leverage Westbank’s expertise while building its own capacity as a developer.
Over time, Westbank’s stake was reduced, and OPTrust, a major pension fund managing over $26 billion in assets, joined the project with a 20% stake.
In a recent announcement, Westbank fully exited its ownership in Phases One and Two, with OPTrust acquiring its remaining interest to reach a 50% stake.
The Squamish Nation retains 50% ownership in these phases and full ownership of Phases Three and Four, which are planned for future development, including the 58-storey Tower 9, set to be a defining feature of Vancouver’s skyline.
This restructuring reflects the Squamish Nation’s growing confidence in managing large-scale real estate projects through its economic development arm, Nch’ḵay̓ Development Corporation.
“Nch’ḵay̓ will have greater oversight related to certain aspects of construction and development while continuing to collaborate closely with the Nation on all cultural, artistic, and language elements,” said Mindy Wight, CEO of Nch’ḵay̓.
This transition underscores the Nation’s long-term vision of self-reliance and sustainable development on its ancestral lands, aligning with its goal to reclaim and revitalize the historic village site of Sḵwx̱wú7mesh Úxwumixw.
OPTrust’s increased commitment highlights the project’s financial and social value.
“Sen̓áḵw is a transformative development that supports the long-term retirement security of our members while delivering critical housing supply to the Vancouver community,” said Peter Lindley, President and CEO of OPTrust.
The partnership aligns with OPTrust’s mission to invest in projects that offer both financial returns and community benefits, making Senakw a model for impactful urban development.
With a projected $20 billion in rental income over its lifespan, Senakw is one of Canada’s largest Indigenous-led, non-resource economic initiatives.
By integrating cultural preservation, affordable housing, and sustainable design, it sets a precedent for urban development that empowers Indigenous communities while addressing pressing social and economic challenges.
Reclaiming Ancestral Lands
Senakw is more than a housing project; it is a profound reclamation of the Squamish Nation’s ancestral village site, known as Sḵwx̱wú7mesh Úxwumixw, located at the entrance to False Creek in Vancouver.
This transformative development represents a bold step toward economic self-determination, cultural revitalization, and reconciliation, reasserting the Squamish Nation’s presence on its traditional territory.
“Today, we are celebrating OPTrust’s increased commitment to the Sen̓áḵw development, a project that represents a significant step in the return of Squamish People to our ancestral village,” said Wilson Williams, Squamish Nation council member and spokesperson.
The project’s design is deeply rooted in the Nation’s values, weaving cultural elements such as art installations, language revitalization initiatives, and public spaces that honor Squamish heritage into the fabric of the community.
The development’s location at the mouth of False Creek, adjacent to the Burrard Street Bridge and Vanier Park, holds profound historical and cultural significance.
This area, part of the Squamish Nation’s traditional territory, has long been a place of gathering and connection.
By leading Senakw, the Squamish Nation is not only addressing Vancouver’s acute housing crisis but also reclaiming its stewardship over this sacred land.
The project’s grove of high-rise towers, set to deliver over 6,000 purpose-built rental homes—including 1,200 affordable units—across four phases, balances modern urban needs with cultural preservation.
Phase One, nearing completion in 2026, will introduce 1,400 homes, including 300 affordable units, alongside amenities like a gym, pool, wellness centre, retail spaces, and a TransLink bus hub, fostering a vibrant, sustainable community.
Senakw’s cultural elements are a cornerstone of its identity.
Public spaces will feature Squamish art, showcasing traditional and contemporary designs that reflect the Nation’s rich heritage.
Language revitalization initiatives, such as signage and educational programs, will promote the Sḵwx̱wú7mesh sníchim (Squamish language), ensuring its presence in the daily lives of residents and visitors.
These efforts are not merely decorative but serve as a living testament to the Nation’s resilience and commitment to cultural continuity.
The inclusion of green spaces and community-focused areas further enhances Senakw’s role as a gathering place, echoing the historical significance of Sḵwx̱wú7mesh Úxwumixw as a village site.
By spearheading this development, the Squamish Nation is asserting its sovereignty and vision for the future.
The project’s car-lite design, with fewer than 900 parking stalls and integrated transit options, aligns with sustainable urban planning principles, making it a model for environmentally conscious development.
Economically, Senakw is projected to generate up to $20 billion in rental income over its lifespan, empowering the Nation to invest in further initiatives across Metro Vancouver and the Sea to Sky corridor.
This financial strength, combined with the Nation’s growing expertise through Nch’ḵay̓ Development Corporation, positions Senakw as a landmark in Canadian urban development.
The partnership with OPTrust, now holding a 50% stake in Phases One and Two, underscores the project’s viability as a socially and financially impactful investment.
Meanwhile, the Squamish Nation’s full ownership of Phases Three and Four, including the 58-storey Tower 9, signals its readiness to lead independently.
This balance of cultural preservation, economic innovation, and community-building sets Senakw apart, inspiring other Indigenous communities to pursue ambitious, self-determined projects while addressing pressing social needs like housing affordability.
A Blueprint for Housing Innovation
The Senakw development is structured in four phases, each contributing to the goal of creating a vibrant, sustainable community.
Here’s a breakdown of the project’s scope:
- Phase One: Located on the west side of the Burrard Street Bridge, Phase One includes three towers (27, 32, and 40 storeys) that will deliver approximately 1,400 rental homes by 2026. Nearly 300 of these units will be affordable, catering to lower-income residents. The phase also includes a three-storey pavilion with a gym, pool, wellness centre, and lounge, as well as retail and restaurant spaces, green areas, and a TransLink bus hub.
- Phase Two: Situated on the east side of the bridge, Phase Two is set to begin full excavation in Fall 2025. It will add roughly 1,500 rental homes, including an affordable housing component, further expanding the community’s capacity.
- Phases Three and Four: Fully owned by the Squamish Nation, these phases will complete the development with an additional 3,000 rental homes, including about 600 affordable units. The tallest tower, Tower 9, will rise to 58 storeys (560 feet) and house over 900 homes, making it a defining feature of Vancouver’s skyline.
When fully completed, Senakw will accommodate up to 9,000 residents, offering a mix of market and affordable rental units.
The project adopts the protections of British Columbia’s Residential Tenancy Act (RTA), ensuring tenant rights are upheld, a significant commitment for on-reserve housing.
Senakw is designed as a car-lite development, prioritizing sustainability and accessibility in alignment with Vancouver’s vision for eco-friendly urban living.
With fewer than 900 vehicle parking stalls across all four phases, the project deliberately minimizes car dependency, encouraging residents to embrace alternative transportation options.
These include car-sharing services and a new TransLink public transit bus hub integrated into the Burrard Street Bridge deck, ensuring seamless connectivity to Vancouver’s broader transit network.
This approach supports the city’s goals of reducing greenhouse gas emissions, alleviating traffic congestion, and fostering walkable, transit-oriented communities.
By prioritizing accessibility, Senakw creates a model for urban development that balances environmental responsibility with the needs of a growing population.
The development also incorporates green spaces and public areas that enhance livability while celebrating Squamish Nation culture.
Landscaped plazas, parks, and pedestrian-friendly pathways will provide residents and visitors with inviting spaces to connect and relax.
These areas will feature cultural installations, such as sculptures and art displays, that reflect the Squamish Nation’s heritage and values, ensuring the project remains deeply rooted in its ancestral context.
Energy-efficient building designs, including advanced insulation, sustainable materials, and renewable energy systems, further position Senakw as a leader in green urban development.
These elements collectively make Senakw a blueprint for sustainable, culturally significant communities that prioritize both people and the planet.
From its inception, Senakw was projected to generate up to $20 billion in rental income over the lifespan of its buildings, underscoring its monumental economic significance.
This ambitious project, located at the entrance to False Creek, is one of the largest First Nations-led, non-resource economic development initiatives in Canadian history.
Its scale—delivering over 6,000 purpose-built rental homes, including 1,200 affordable units—addresses Vancouver’s housing crisis while creating a sustainable revenue stream for the Squamish Nation.
By taking on greater oversight through its economic development arm, Nch’ḵay̓ Development Corporation, the Nation is poised to retain a larger share of this revenue.
This financial empowerment will fuel further investments in community infrastructure, education, and real estate projects across Metro Vancouver and the Sea to Sky corridor, strengthening the Nation’s economic self-determination.
The federal government’s support has been pivotal in bringing Senakw to fruition.
In September 2022, the Canada Mortgage and Housing Corporation (CMHC) provided a $1.4-billion low-cost, repayable loan for Phases One and Two, marking the largest housing loan in CMHC’s history.
This unprecedented financing enabled the project to advance without requiring City of Vancouver approval, as Senakw is situated on Squamish Nation reserve land, which falls under federal jurisdiction.
However, a carefully negotiated services agreement with the City ensures the development is seamlessly integrated into Vancouver’s urban fabric, with access to essential utilities, road connections, and municipal services like waste management and emergency response.
This collaboration demonstrates a model for partnerships between Indigenous nations and municipal governments, balancing sovereignty with practical integration.
Senakw’s car-lite design and sustainable features extend beyond transportation and energy efficiency.
The project includes innovative urban planning elements, such as mixed-use spaces with local-serving retail and restaurants, fostering a self-contained community where residents can live, work, and socialize.
The inclusion of a three-storey pavilion with a gym, pool, wellness centre, and lounge further enhances the quality of life for residents, while public spaces showcase Squamish art and language, reinforcing cultural identity.
These features align with the Squamish Nation’s vision for Sḵwx̱wú7mesh Úxwumixw as a reclaimed village site that honors its historical significance while meeting modern needs.
By leading Senakw, the Squamish Nation is not only addressing housing affordability but also setting a precedent for Indigenous-led urban development.
The project’s economic potential, supported by the CMHC loan and OPTrust’s 50% stake in Phases One and Two, ensures long-term financial stability.
Meanwhile, the Nation’s full ownership of Phases Three and Four, including the iconic 58-storey Tower 9, signals its growing expertise as a developer.
Senakw’s blend of sustainability, cultural preservation, and economic innovation positions it as a transformative force, inspiring other Indigenous communities to pursue ambitious, self-determined projects that reshape Canada’s urban landscape.
Westbank’s Exit in Context
Westbank’s exit from Senakw reflects broader market challenges that have persisted since the COVID-19 pandemic.
The developer has recently offloaded several flagship assets, including long-held properties, to navigate a difficult economic environment.
While Westbank’s expertise was critical in the project’s early stages, its departure allows the Squamish Nation to take greater control, aligning with the original goal of building the Nation’s real estate development capacity.
For OPTrust, increasing its stake to 50% in Phases One and Two is a strategic move to secure long-term returns while supporting a socially impactful project.
The pension fund’s involvement underscores Senakw’s viability as a stable, high-value investment that balances financial performance with community benefits.
As Phase One nears completion and Phase Two prepares to break ground, Senakw is setting a precedent for Indigenous-led urban development.
The Squamish Nation’s leadership, through Nch’ḵay̓ Development Corporation, demonstrates a commitment to sustainable growth, cultural revitalization, and economic empowerment.
By retaining full ownership of Phases Three and Four, the Nation is positioning itself as a major player in Canada’s real estate sector.
The project’s emphasis on affordable housing, sustainability, and cultural integration makes it a beacon of innovation in addressing urban challenges.
With over 6,000 rental homes, Senakw will significantly alleviate Vancouver’s housing shortage, providing stable, secure homes for thousands of residents.
Its car-lite design and public transit integration further enhance its appeal as a forward-thinking community.
Senakw stands as a powerful emblem of reconciliation, innovation, and resilience, embodying the Squamish Nation’s vision for self-determination.
The Nation’s leadership, bolstered by OPTrust’s expanded 50% stake in Phases One and Two and Westbank’s early expertise, has crafted a development that will redefine Vancouver’s urban landscape for decades.
As Phase One’s towers—reaching 27, 32, and 40 storeys—near completion in 2026, they will deliver 1,400 rental homes, including 300 affordable units, addressing Vancouver’s housing crisis while prioritizing sustainability.
The Squamish Nation’s full ownership of Phases Three and Four, including the 58-storey Tower 9, signals its growing prowess as a real estate developer through Nch’ḵay̓ Development Corporation.
Beyond housing, Senakw integrates cultural elements, with public spaces showcasing Squamish art and language, fostering a sense of identity and community.
Its car-lite design, with under 900 parking stalls and a TransLink bus hub, promotes eco-friendly living.
Economically, Senakw’s projected $20 billion in rental income underscores its transformative potential.
By inspiring other Indigenous communities to pursue bold, self-led projects, Senakw sets a precedent for urban development that balances cultural heritage, social impact, and economic vitality, captivating global audiences
Stay Updated with CTC News
