A development backed by the OPSEU Pension Trust is the beneficiary of the largest federal loan to a First Nations economic partnership in Canadian history.
The Sen̓áḵw development project, in which the OPTrust has a 20 per cent stake, aims to construct 6,000 homes in Vancouver’s Kitsilano neighbourhood. It has received a $1.4 billion federal government loan through the Canada Mortgage and Housing Corp. These funds are expected to cover the construction costs of 3,000 residential units.
First proposed as a joint venture between the Squamish Nation, Westbank Corp. and the OPTrust in 2019, the development is under construction on land returned to the Indigenous community by a 2003 court ruling. The development aims to be the largest net-zero residential project in the country. Construction is already underway and the first residents are expected to move in in 2025.
In other investment news, the Public Sector Pension Investment Board is the main equity partner in the development of a 74-storey mixed-use tower in Austin, Texas.
Known as the Waterline, the building is under construction on a 1.3 hectare property in the city’s downtown. Upon its completion in 2026, it’s expected to rise more than 300 metres, which would make it the largest tower in the state.
According to its current plans, the Waterline will include 27 storeys of offices and 33 storeys of luxury condominiums. Another 14 floors will be used as a hotel and ballroom. The 14th floor will also have a deck with a landscaped outdoor space, bar and several other amenities.
“This investment provides significant upside potential as the city of Austin continues its expansion to become a top-tier U.S. market that offers high quality of life, a supportive business environment, exciting employment opportunities and a hotbed for technology and innovation,” said Carole Guérin, managing director and head of Americas and real estate investments at PSP Investments, in a press release.