Prime Minister Justin Trudeau commits $1.4 billion in construction financing for Senakw rental housing

Sep 6 2022, 6:31 pm

Nearly three years after Senakw was first publicly revealed and self-approved by the Squamish First Nation, construction on the massive rental housing project officially began today, with Prime Minister Justin Trudeau in attendance to mark the historic occasion.

Trudeau was also on hand to make a federal announcement to support the project, which is being billed as the largest Indigenous-led housing and retail development in Canada, and the largest First Nations economic partnership.

Senakw’s first two phases — 3,000 homes or 50% of the project’s total number of units — will benefit from low-cost construction financing through the federal government’s Rental Construction Financing Initiative. This is a loan that will eventually be repaid by the Squamish First Nation and development partner Westbank.

The total value of the federal financing is $1.4 billion. This is the largest loan ever offered in the history of the federal government’s Canada Mortgage and Housing Corporation (CMHC).

Trudeau called the federal government’s support through construction financing is “reconciliation in action.”

“This positive announcement for the Squamish Nation will have a real impact on the people who live in Vancouver. Everyone should have a safe and affordable place to call home,” said Trudeau during the press conference held at the construction site.

“Particularly for rentals here in Vancouver, it is a tough time and place. The rental market vacancy is very low, and we need to work together to provide more housing options for people.”

senakw

Updated 2022 artistic rendering of Senakw. (Revery Architecture/Squamish Nation/Westbank)

senakw

Updated 2022 artistic rendering of Senakw, showing the first phase. (Revery Architecture/Squamish Nation/Westbank)

senakw

Updated 2022 artistic rendering of Senakw, showing the first phase. (Revery Architecture/Squamish Nation/Westbank)

senakw

Updated 2022 artistic rendering of Senakw. (Revery Architecture/Squamish Nation/Westbank)

Senakw is located on the 10.5-acre reserve of the Squamish First Nation at the south end of the Burrard Bridge in Vancouver.

A total of 11 towers up to 59 storeys will generate 6,000 secured rental homes, with about 4,800 market rental units and approximately 1,200 below-market rental units.

The overall unit size mix is 2,688 studios, 2,046 one-bedroom units, 874 two-bedroom units, and 472 three-bedroom units. There will be enough homes for up to 9,000 people.

Senakw’s total residential floor area will reach 3.8 million sq ft, while the total floor area for office, grocery store, and retail and restaurant spaces will reach 171,000 sq ft. It will have extensive green design and features that will make it the biggest large-scale net zero development in Canada.

“Our people gave us an overwhelmingly level of support for the vision that we have put forward for the Senakw development,” said Khelsilem, the elected chairperson of the Squamish First Nation.

“When I think about my people, but all people, who are going to benefit from this project, from the rapid pace that the Squamish Nation through our partnerships are able to deliver a significant amount of purpose-built rental to the Vancouver market… the ability to work with our partners in the federal government to bring affordable rents to a number of apartments in this project.”

senakw squamish vancouver 2022

Site plan of Senakw, showing the four phases. (Revery Architecture/Westbank/Squamish Nation)

senakw

Updated 2022 artistic rendering of Senakw. (Revery Architecture/Squamish Nation/Westbank)

senakw

Updated 2022 artistic rendering of Senakw. (Revery Architecture/Squamish Nation/Westbank)

senakw

Updated 2022 artistic rendering of Senakw, showing the TransLink bus transit hub on the Burrard Street Bridge. (Revery Architecture/Squamish Nation/Westbank)

senakw

Updated 2022 artistic rendering of Senakw, showing the TransLink bus transit hub on the Burrard Street Bridge. (Revery Architecture/Squamish Nation/Westbank)

senakw

Updated 2022 artistic rendering of Senakw, showing the potential station for the future streetcar line. (Revery Architecture/Squamish Nation/Westbank)

The entire project will be built in four phases. Site preparation, such as clearing works, have been underway throughout the summer.

The first phase currently under construction is a reserve parcel on the west side of the bridge, containing 1,411 rental homes including 282 affordable units. The remaining phases are located on the east side of the bridge, with each phase carrying a similar number of units.

Construction on the first phase is scheduled to reach completion by 2025/2026. By 2033, all remaining phases will reach full completion.

Just 886 vehicle parking stalls will be provided for all uses, but there will be 4,477 secured bike parking spaces.

To better ensure the on-site bike parking investments see real utility, the First Nation will provide at least $43 million for off-site City road upgrades with new walking, cycling, public transit, and vehicle infrastructure. The First Nation will fund almost all of these costs, along with a range of utilities upgrades.

This includes $15 million for a TransLink bus transit hub on the Burrard Street Bridge deck, plus investments in passenger ferry facilities and a detailed analysis on the City of Vancouver’s streetcar network concept.

While the project provides much-needed rental housing for the Vancouver market, there have also been calls for the project partners and provincial and municipal governments to increase spending on community amenities and facilities, including new school capacity.

Senakw will provide the First Nation with an estimated $10 billion in revenue throughout the lifespan of the buildings, with Westbank standing to also gain $10 billion in the 50-50 partnership.

The Squamish First Nation originally held 80 acres of the area as their reserve — an area that encompasses all of Vanier Park and the former Molson brewery site. In 2003, they reached a settlement that saw the return of about one-eighth of the original reserve.

senakw vancouver squamish nation construction

Groundbreaking ceremony and federal announcement on Senakw on September 6, 2022. (Kenneth Chan/Daily Hive)

senakw vancouver squamish nation construction

Groundbreaking ceremony and federal announcement on Senakw on September 6, 2022. (Kenneth Chan/Daily Hive)

senakw vancouver squamish nation construction

Groundbreaking ceremony and federal announcement on Senakw on September 6, 2022. (Kenneth Chan/Daily Hive)

GET MORE URBANIZED NEWS
Want to stay in the loop with more Daily Hive content and News in your area? Check out all of our Newsletters here.
Buzz Connected Media Inc. #400 – 1008 Homer Street, Vancouver, B.C. V6B 2X1 [email protected] View Rules
Kenneth ChanKenneth Chan

+ News
+ Architecture & Design
+ Development
+ Urbanized
ADVERTISEMENT