Sen̓áḵw Partnership FAQ

Sen̓áḵw is a large housing project being built by the Squamish Nation on our reserve land at the south end of the Burrard Bridge in Vancouver. It’s one of the largest Indigenous-led developments in Canada and will create thousands of rental homes. The project will help generate income for the Nation and support our goal of taking back control of our lands and future.

Long before the arrival of settlers, our Squamish ancestors had a village at Sen̓áḵw, but our People were forced out in the early 1900s and our homes were destroyed. After a long fight, we got 10.48 acres of this land back in 2003. This project is about returning to that land and rebuilding for future generations of Squamish People.

Through a partnership, the Squamish Nation owns a 50% interest in Phases One and Two and a pension fund called OPTrust now owns the other 50% interest after buying Westbank’s share. For Phases Three and Four, the Squamish Nation will become the 100% owner of the interest in those phases (in addition to its existing ownership of the underlying land).

OPTrust is a Canadian pension fund that manages investments for public sector workers. It invests in long-term projects like housing and was introduced to the Sen̓áḵw project in 2021 to strengthen its financial backing and long-term stability. OPTrust now owns 50% of Phases One and Two of the project after buying Westbank’s share.

OPTrust increased its ownership in Phases One and Two of the project to 50% by buying out Westbank’s interest in those phases. Westbank no longer has an ownership stake in the project.

Nch’ḵay̓ Development Corporation (Nch’ḵaý) is the economic development group of the Squamish Nation, created in 2018 to manage and grow the Nation’s businesses and investments. Nch’ḵaý oversees the Sen̓áḵw development on behalf of the Squamish Nation, helping guide construction decisions, the development plan, and making sure Sḵwx̱wú7mesh culture, language, and art are a visible part of Sen̓áḵw.

In 2022, the Federal Government committed $1.4 billion for Phases One and Two. Financing for Phase One through the Canada Mortgage and Housing Corporation (CMHC) is complete and is in process for Phase Two. The Nation (through Nch’ḵay̓) made a short-term loan to the project partnership to keep the construction going at its current rapid pace. That loan, together with interest, has since been paid back to the Nation through funds provided by OPTrust. The Nation is not required to inject any funds into Phases One and Two of the project. 

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.

A referendum vote was not necessary as the reorganization does not require a new lease of the reserve land, and it was determined by Council that the reorganization was in the Nation’s best financial interests. 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.

Sen̓áḵw benefits our People in many ways: 

• Revenue: The project will bring in money over time from rents and other sources to help fund important infrastructure, programs, and services for Squamish People, such things as housing, education, language initiatives, and more. 

• Jobs and training: The project will create many jobs in construction, management, and operations. We’re making sure training and hiring are available so that Squamish People can benefit directly. 

• Culture and language: The design of Sen̓áḵw will include Squamish stories, language, and art so we can proudly show who we are and educate others. 

• Housing for Squamish People: Housing will be set aside for Squamish People. 

Construction on Phase One continues and we prepare to welcome residents in early 2026. We are selecting a new development manager to oversee completion of Phase Two, and planning is beginning for Phases Three and Four, which we will fully own.