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

Kenneth Chan, Daily Hive | Sep 6 2022

 

” src=”blob:https://arcca.info/6be0bf32-5bce-4543-b279-5b43860f9db9″ alt=”image001.png” border=”0″ class=”Apple-web-attachment Singleton” style=”width: 9.0937in; height: 5.1041in; opacity: 1;”>

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.

Senakw’s first two phases — 3,000 homes or 50% of the project’s 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.”

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. 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.

” src=”blob:https://arcca.info/2263f031-2988-4879-853a-a796b32dc64b” alt=”image002.png” border=”0″ class=”Apple-web-attachment Singleton” style=”width: 8.0625in; height: 5.0937in; opacity: 1;”>

” src=”blob:https://arcca.info/320e094b-ef26-415f-b2b7-626e833f4547″ alt=”image003.png” border=”0″ class=”Apple-web-attachment Singleton” style=”width: 8.0625in; height: 4.7291in; opacity: 1;”>

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.

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.