Westbank sells stake in massive Squamish Nation housing development in Vancouver - Toronto Star

The article reports on a major business transaction in the Squamish Nation's Senakw housing development, written by Brenna Owen from The Canadian Press. This significant real estate story covers how Vancouver developer Westbank Corp. has sold its entire stake in Canada's massive Indigenous-led housing project, originally backed by a $1.4-billion federal loan.

The restructured partnership now gives the Squamish Nation and pension fund OPTrust equal 50% ownership in phases 1 and 2, while the Nation secured 100% ownership of phases 3 and 4. The development, located on ancestral land returned to the Nation in 2003, is set to include 6,000 rental units when complete, making it one of Canada's largest First Nations economic development projects.

Key highlights from the article include:

• OPTrust bought out Westbank's stake, increasing their ownership to 50% in early phases
• The Nation now has full control over phases 3 and 4, marking a significant step toward financial independence
• Construction continues with Phase 1's three towers reaching full heights of 27, 32, and 40 storeys
• Over 1,400 new homes are expected to open next year in the first phase