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

by Frances Bula

The Senakw Indigenous-led housing development is being built on the traditional lands of the Squamish Nation, and will have more than 6,000 rental units and 1,200 homes when completed in 2030.

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.”

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