Squamish Nation reclaims North Vancouver towers in $54 million acquisition | Daily Hive

Site of International Plaza at 1989 Marine Dr., North Vancouver. (Canadian Apartment Properties REIT)

The Squamish Nation has regained ownership of one of its most prominent on-reserve developments, completing a $54.2 million deal to acquire the International Plaza complex on Marine Drive in North Vancouver.

The property — located on the northeast corner of the major Capilano reserve, and at the prominent southeast corner of the intersection of Capilano Road and Marine Drive — includes 471 rental homes and more than 65,000 sq. ft. of commercial space, which is anchored by Staples.

Built in 1975, the 4.54-acre site at 1989 Marine Dr. is now returning to First Nation ownership for the first time since its initial development.

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The acquisition was led by Nch’ḵaý Development Corporation — the Squamish Nation’s for-profit economic development company — and marks a major step in the First Nation’s long-term strategy to build a strong and sustainable real estate portfolio.

The original lease of reserve land was signed in 19665, and the lease was reassigned in 1972 for the current structures that now stand on the property. Nch’ḵaý acquired the property from Canadian Apartment Properties REIT, which bought the complex in 2004.

To ensure stability for tenants, Nch’ḵay̓ has partnered with Peterson, a Vancouver-based developer, to oversee daily property management and help guide upgrades to building infrastructure, common spaces, and individual units.

“Strengthening Squamish presence and ownership of assets on Squamish land is at the heart of this acquisition. It honours the vision of our past leaders, the dedication of Council, and our shared commitment to building lasting opportunity for the Squamish Nation,” said Mindy Wight, CEO of Nch’ḵay̓, in a statement.

“This is more than a real estate transaction; it is a step toward reclaiming control of our land, creating opportunities for our people, and building a future rooted in community.”

The First Nation notes that the acquisition was supported by the federal government’s Canada Mortgage and Housing Corporation through its MLI Select Program, a mortgage loan insurance program for multi-unit residential buildings.

“Building on the momentum created at Sen̓áḵw, this acquisition further demonstrates our ability to lead large-scale initiatives that drive economic sovereignty for the Squamish People and marks real progress toward the long-term vision set out in the Nation’s 25-year Generational Plan,” added Jenn Podmore Russell, the Chief Development Officer at Nch’ḵay̓.

International Plaza complex 1989 marine drive north vancouver squamish nation

Site of International Plaza at 1989 Marine Dr., North Vancouver. (Google Maps)

Site of International Plaza at 1989 Marine Dr., North Vancouver. (Canadian Apartment Properties REIT)

This past spring, Daily Hive Urbanized also reported that Nch’ḵaý had reached a conditional agreement to acquire 1441 Creekside Dr. — the nine-storey red brick office building, the longtime home of Central 1 Credit Union’s office building, located immediately adjacent to the reserve where the Senakw rental housing complex is currently being built in Vancouver.

As well, last month, it was announced that local developer Westbank had sold its entire ownership stake in the Senakw project. The deal saw OPTrust increase its ownership stake to 50 per cent, acquiring Westbank’s remaining interest in the first phase now reaching construction completion and the future second phase. The First Nation owns 50 per cent of the first phase and future second phase, and 100 per cent of the future third and fourth phases.

Beyond Senakw, Squamish Nation is also in the process of planning long-term developments for its other reserves located on the North Shore of Metro Vancouver and the Sea to Sky corridor.

central 1 credit union 1441 creekside drive vancouver

Central 1 Credit Union office building at 1441 Creekside Drive, Vancouver. (Google Maps)

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