B.C. developer Westbank sells stake in Squamish Nation housing project

The private developer who had partnered with British Columbia’s Squamish Nation to build the country’s most ambitious Indigenous-owned apartment project to date has sold the last of his stake to a major Ontario pension fund.

The move by Ian Gillespie’s Westbank Corp. is the latest in a series of divestments by the company as it grapples with a dramatic slowdown of the Vancouver residential market. The Squamish announced Thursday that the Senakw project, which is just completing the first three towers of a planned 11, will now be a “restructured partnership.”