Sen̓áḵw (Squamish Nation) | 11 Towers | 171m | 58fl | 4M sqft | U/C

[whatnext]

Originally Posted by s211

You'd honestly head straight to the media? Knock yourself out, princess.

When the developer got a great deal on a mortgage with a government funded agency? You’re damn right I would to get a better deal. And as jollyburger posted, it looks like someone already did.

[whatnext]

Originally Posted by jollyburger

https://www.cbc.ca/news/canada/british-columbia/senakw-rental-prices-backlash-9.7248096

…. He was also critical of some of the floor plans in the listed units.

"They are almost 1,300 square feet, which is generally a good size for three-bed," he said.

"But the floor plans are angled, and they don't make for good living. I don't even know where you hang your art. But yeah, the the floor plans in those units leave a lot to be desired.….

They’ve been Westbanked.

[hollywoodnorth]

Originally Posted by whatnext

I agree but if I had signed a lease last week in a new high profile development only to find someone this week got it for less, I'd head straight to the media.

So what happens when you buy an airplane ticket and at the last minute the airline discounts similar seats to fill up the airplane? Are you headed straight to the media again?

[idunno]

Yes those prices are high, but so are prices for every new waterfront unit.

This development has an unusual amount of hate towards it. It's the private rental market! If the market can't absorb those prices, that's not anyone else's problem but Squamish

[s211]

Originally Posted by whatnext

When the developer got a great deal on a mortgage with a government funded agency? You’re damn right I would to get a better deal. And as jollyburger posted, it looks like someone already did.

It's the market and you agreed to a price at a certain point in time. Deal with it. Those in the real world call it LIFE. Honest to gawd, the entitlement... "run to the media"? You HONESTLY think the media will give you five seconds of fame because you're agreed to pay $x more than somebody else the next day?

If you don't like it, then you're free to run out your lease and leave at the end of the term.

[MIPS]

I was expecting the lower-quality market rental rooms to be around $1500/month, not north of $5000...

This development has an unusual amount of hate towards it.

Because even since the start there was heavy questions surrounding who this was being built for, partially on taxpayer dime.

[Changing City]

Originally Posted by MIPS

I was expecting the lower-quality market rental rooms to be around $1500/month, not north of $5000...


Because even since the start there was heavy questions surrounding who this was being built for, partially on taxpayer dime.

There's no public subsidy involved. It's a loan from CMHC to the developers (the Squamish Nation and the Ontario Pension fund). It's no different from Grosvenor building the Brentwood Block in Burnaby with a CMHC construction loan, or the two Harwood towers that Bosa are building. Many of the larger rental projects being built in the city, and in other municipalities are being built under the same same construction loan program.

CMHC also have a program that provides some forgivable loans and contributions for the construction of new affordable housing, but this was never one of those projects.

[GenWhy?]

Also a larger reason why you might find lower starting rents in new rental buildings in Vancouver is due to them taking the City's DCL waiver, which caps how high rents can be charged upon opening.

[Spr0ckets]

Originally Posted by MIPS

I was expecting the lower-quality market rental rooms to be around $1500/month, not north of $5000...


Because even since the start there was heavy questions surrounding who this was being built for, partially on taxpayer dime.

It's not being built on taxpayer dime.

They took out a Federal loan that was available to any developer (including non-First Nations affiliated developer).

Presumably they will pay back said loan.

One may want to argue that the terms of the loan were less forgiving than a typical loan would be - and hence the part that the taxpayer is dime-ing.

But the counter to that argument is that it was equivalent of a stimulus to the housing market and housing sector by the Feds to help juice up supply in the housing market - which is a standard expenditure for any administration in office.
When administrations on both sides of the aisle get to office they tend to make these kinds of economic expenditures to stimulate the economic or economic growth writ large or in specific sectors - be it tax cuts, spending bills or loan programs like this - and it's fair to argue that in all cases they're doing so,..."on taxpayer's dime".

But in this case it's a loan that will be paid back with interest - which means the tax payer will make money - not lose it - presumably on top of getting more housing stock and supply.

[whatnext]

Originally Posted by Spr0ckets

It's not being built on taxpayer dime.

They took out a Federal loan that was available to any developer (including non-First Nations affiliated developer).

Presumably they will pay back said loan.

One may want to argue that the terms of the loan were less forgiving than a typical loan would be - and hence the part that the taxpayer is dime-ing.

But the counter to that argument is that it was equivalent of a stimulus to the housing market and housing sector by the Feds to help juice up supply in the housing market - which is a standard expenditure for any administration in office.
When administrations on both sides of the aisle get to office they tend to make these kinds of economic expenditures to stimulate the economic or economic growth writ large or in specific sectors - be it tax cuts, spending bills or loan programs like this - and it's fair to argue that in all cases they're doing so,..."on taxpayer's dime".

But in this case it's a loan that will be paid back with interest - which means the tax payer will make money - not lose it - presumably on top of getting more housing stock and supply.

Out of curiosity, does anyone heard what the size of the next largest loans are from this program? I believe this one was identified as the largest.

[jollyburger]

$12.5K Sen̓áḵw penthouse 'no longer available' after premature online release: CDO

The chief development officer of the publicly-financed Sen̓áḵw rental condominium development on Squamish First Nation land in Kitsilano says she’s expecting to release a full price list for its first set of available units by June 26, after “prematurely” publicizing the four-bedroom penthouse for rent starting at $12,500.

“Our intention is always to share the housing and price ranges … but it’s premature to be publicizing it,” Jen Podmore Russell told Business in Vancouver June 25.

The untimely release of Tower One prices was caught on June 24 by local real estate reporter Howard Chai, who posted the information on X.com. The next day, the information was removed from Sen̓áḵw.com.

“It was in the staging environment; it wasn’t that it was taken down,” explained Russell.

That price tag, as well as the two $9,500 three-bedroom units initially publicized, represent the “premium collection units” and most units fall far below that rate, said Russell.

By June 26, Nch'ḵay̓ Development Corp. informed BIV the four-bedroom unit was "no longer available."

Nevertheless, Nch'ḵay̓ is basing its rent prices off of real-time market rental prices for new condominiums in Vancouver, including those on top floors with unencumbered views of the city, ocean and mountains, said Russell.

But few units will be in that price range, added Russell, largely on account of the fact the first tower only has the one four-bedroom and just two three-bedroom units.

The rest of the tower comprises 107 studios, 153 one-bedroom units, 70 two-bedroom units—for 333 total units.

According to information provided through Russell’s office, as of June 26 studios begin at $1,735, while one-bedroom units begin at $2,365 and two-bedroom units begin at $3,815.

“We have and always will price to the market,” said Russell, noting the unit sizes are “completely aligned with the market” trends of new developments in the city.

For instance, the one-bedroom units are about 522-square-feet and the two-bedroom units are about 750-square-feet.

BIV also asked what the average rents for the units are but did not receive an answer in time for publication.

Russell said the company has 15,000 people registered online to view its promotions.

She added that the company has already signed its 100th lease after opening June 1.

“The leasing velocity is the fastest in the City of Vancouver over the last couple of years. When we look at the studios and livability, we’ve attained a product that’s accessible,” said Russell.

Sen̓áḵw’s first tower will feature limited parking spaces, with the development’s residents mostly relying on car sharing, public transit and unique travel modes such as scooters and ferries on False Creek.

Two more towers are set to open this fall as part of phase one, with a combined 1,409 units.

The three towers will share a 25,000 square-foot wellness pavilion featuring a pool, hydrotherapy pools, cold plunge and steam room, as well as a 9,000 sqaure-foot fitness centre.

One in five units of the development are reserved as below-market rentals for Squamish Nation members and others with Indigenous status.

That discount is in part to a $1.4 billion loan from the federal government administered by the Canadian Mortgage Housing Corp., to build 3,000 total units—including market rentals—in the first two of four phases.

All told, the plan is to surround Burrard Street Bridge with 11 condo towers.

The land previously sat empty as a decommissioned railway right-of-way. Prior to that the land was occupied by Squamish ancestors until being forcibly evicted in or around 1913.

In 2002, the B.C. Court of Appeal ruled Canadian Pacific Rail must return the land to the band.

The development now bears the name of the ancestral village.

https://www.biv.com/news/125k-senakw-pen...er-premature-online-release-cdo-12479580

[officedweller]

By me yesterday:

[chowhou]

https://senakw.com/the-homes/floorplans/

Floorplans and prices are back and to my surprise no price correction. Seems they're showing off fewer units though, and the 4brs are gone.

[jollyburger]

The note about Phase 2 excavation disappeared

Community Construction Update
Squamish Nation noise variances for the ongoing construction of the remainder of Phase 1 are still in effect for early layout of concrete pours and Saturday general construction activities as outlined below:

Layout and Set-up activities for concrete pours are permitted to start 45 minutes prior to the overall commencement of construction activities on weekdays and Saturdays. Set-up activities are permitted to occur at 6:45 AM on weekdays.
Layout and Set-up activities to occur 45 minutes prior to general construction work. Set-up activities are permitted to occur at 7:15 AM on Saturdays.
NOTE: Remaining roadwork upgrades between Cornwall to Greer and Creelman Streets will be working in the area starting July 13th for approximately three weeks. There will be intermittent day closures of sidewalks and crosswalks along Chestnut to be re-instated after every work day.

General – All Phases
Sen̓áḵw Lane works continue beyond Tower 3 to below the Burrard Street bridge.
The work to install the new Sanitary Sewer on Pine Street to 4th Avenue will restart mid-month after the FIFA-related delay.
Creekside Drive is in normal operation mode, and street parking has been restored along the western portion of the roadway.
Gate 1 on West 1st and Fir Street remains the primary entrance to the site for construction traffic.
Gate 2 on Chestnut Street will serve as an alternate site access for materials delivery if required for completion of Towers 2 and 3.

Construction – Phase 1
The first residents have occupied Tower 1. Sen̓áḵw Lane and Chestnut Street are now open to residents and the public. Please note that there is a limited area to turn around within the Tower 1 parkade; the entry off Sen̓áḵw Lane into the main parkade is limited to residents and Tower 1 deliveries only.
Installation of balcony railings and Trigon cladding is complete on Tower 2 and continues along with cladding of the underside of the Trigons for Tower 3.
Interior work is progressing on Towers 2 and 3, drywall is complete, kitchen cabinets are complete, tiling, flooring, appliance installation and painting continue.
Pavilion exterior curtainwall complete, interior walls underway, pool permit issued by Vancouver Coastal Health, work underway to complete waterproofing and tile.
Welcome Pavilion opens to the public mid-month.

https://senakwupdates.com/construction-updates

[seamusmcduff]

So phased 2 probably delayed indefinitely?

[AlessioSBT]

Originally Posted by seamusmcduff

So phased 2 probably delayed indefinitely?

I said several times on this forum that people don't really grasp the current economic situation.
Essentially compared to when all these projects were approved:
- Everything cost 50% more
- Purchase price and rent of everything went down

The math is completely different and anyone with the choice to stop, wait or rethink things will do it. What that means in practical terms no one knows.

[jollyburger]

Originally Posted by seamusmcduff

So phased 2 probably delayed indefinitely?

I mean the excavation was already pushed back so delayed is probably the smart call until we hear news that they are going to start excavating. Even if they have the loan from the federal government it only makes sense to proceed if they know there will be enough demand to market the units.

[Zepfancouver]

Yesterday July 28, 2026 - Pics by Me

[griswold]

Looks like they're starting on the bus station expansion on the bridge?

[Migrant_Coconut]

That would explain why they chopped half the trees down near Parkview.