OPTrust Acquires Westbank’s 50% Stake in Sen̓áḵw Project

OPTrust Acquires Westbank’s 50% Stake in Sen̓áḵw Project
News| September 2, 2025| Monte Stewart
Canada + Apartment Buildings

OPTrust has acquired Westbank’s 50% interest in phases one and two of the Sen̓áḵw development project in Vancouver’s Kitsilano area.

The Squamish Nation retains a 50% interest in these phases and will hold 100% ownership of future phases three and four.

The major redevelopment project is located at the entrance to False Creek, adjacent to a former Molson brewery. The first phase is nearly complete.

“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,” said Squamish Nation spokesperson and council member, Sxwíxwtn Wilson Williams. “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.)”

Phase one’s three towers, rising 27, 32 and 40 storeys, have topped out and will deliver more than 1,400 rental homes in 2026, along with retail, public spaces, and cultural amenities. A three-storey pavilion will feature a gym, pool, wellness centre, and social lounge. Green spaces, car-sharing and a new transit hub will align with the Squamish 2050 Generational Plan and Land Development Strategies unveiled last fall.

The Squamish Nation’s development arm Nch’ḵaý is overseeing the project.

“Nch’ḵaý is increasing its leadership at Sen̓áḵw as we welcome residents home,” says Mindy Wight, CEO of Nch‘ḵay̓. “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.”

OPTrust President and CEO, Peter Lindley described the project as a transformative development that supports the long-term retirement security of the pension fund’s members while delivering critical residential supply, including much needed affordable-housing units.

“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,” he added.

The new partners lauded the continued support of the Canada Mortgage and Housing Corporation and Peak Construction as key collaborators in the project.

OPTrust ranks among Canada’s largest pension-fund managers, holding $26 billion in assets and administering the  OPSEU Pension Plan (including OPTrust Select), a defined-benefit plan with over 114,000 members. 

Pictured: The future XX project in Vancouver’s Kitsilano area.

Rendering: Nch’ḵaý

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