Canadian pension fund OPTrust has increased its stake in the opening phases of Vancouver's massive Sen̓áḵw development to 50 per cent, as developer Westbank exits from the project led by the Indigenous-owned Nch‘ḵay̓ Development Corp.

The announcement was made Thursday by Nch‘ḵay̓ and the Squamish Nation, which holds the other 50 per cent interest in the project. Construction is well under way at the site in the city’s False Creek area, with three towers under development.

“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,” Sxwíxwtn Wilson Williams, spokesperson and council member for the Nation, said in the announcement. “We are dedicated to ensuring that this development is not only sustainable but also rooted in the values and long-term vision of the Sḵwx̱wú7mesh Úxwumixw (Squamish Nation).”

Westbank had first forged the 50/50 development partnership with Squamish Nation in 2019. It subsequently sold a 20 per cent stake in the project to OPTrust, the Ontario Public Service Employees Union and government of Ontario pension fund.

The Vancouver-based developer, which had entered the partnership in part to provide development expertise to the newly created Nch‘ḵay̓. 

OPTrust’s investment includes the first two phases at Sen̓áḵw, while the Squamish Nation remains the 100 per cent owner of phases three and four.

“Sen̓áḵw is a transformative development . . ."

“Sen̓áḵw is a transformative development that supports the long-term retirement security of our members while delivering critical housing supply to the Vancouver community, including much needed affordable housing units,” OPTrust president and CEO Peter Lindley said in the announcement. 

“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.”

The three towers in Phase I of Sen̓áḵw have reached their full heights at 27, 32 and 40 storeys, with occupancy of the over 1,400 new rental apartments scheduled to begin in 2026.

With the opening will come other community amenities including new retail tenants and public spaces highlighting Squamish cultural identity and art. A three-storey pavilion at the site will have a gym, pool, wellness centre and social lounge. 

Green spaces, car-sharing and a new transit hub all align with the Squamish 2050 Generational Plan and Land Development Strategies, unveiled in fall 2024, which provide a comprehensive roadmap for the district.

“Nch’ḵay̓ is increasing its leadership at Sen̓áḵw as we welcome residents home,” Nch‘ḵay̓ CEO Mindy Wight said in the announcement. “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 of Sen̓áḵw. 

“This demonstrates the Squamish Nation’s continued commitment to managing real estate assets and property development on our lands, in line with our longstanding vision of leadership in sustainable, community-driven development.”

Sen̓áḵw to include four million sq. ft. of development

Ultimately, as currently proposed Sen̓áḵw could comprise up to four million square feet of development, almost a dozen towers containing 6,000 housing units in addition to retail, commercial and other spaces. The plan is to provide 1,200 affordable housing units and to house up to 10,000 residents.

When announced, it was to be the largest net-zero operational carbon residential development in Canada.

The partnership also involves collaboration with financial, construction and other partners including CMHC and Peak Construction. 

Sen̓áḵw is located on the south shore of Vancouver’s False Creek on land owned by Squamish Nation. After decades of legal advocacy led by Squamish leadership, 10.48 acres of its land were returned to it through a government agreement 2003. In 2019, the Nation began efforts to develop Sen̓áḵw.

About Nch’ḵay̓ and OPTrust

Nch’ḵay̓ Development Corp. (Nch’ḵaý) was established in 2018 as the wholly-owned economic development group of the Squamish Nation. It is responsible for developing, managing and growing businesses that generate sustainable wealth and opportunity for the Squamish People.

With net assets of over $26 billion, OPTrust invests and manages one of Canada‘s largest pension funds and administers the OPSEU Pension Plan (including OPTrust Select), a defined benefit plan with over 114,000 members.