Funding from First Nations Bank to assist construction of Indigenous-led development in B.C. town

Construction will soon commence on a new development in Function Junction, a neighbourhood in Whistler, a popular tourist town in British Columbia.

The Indigenous-led development, which will be called Tseqwtsúqum̓, is made possible with funding from the First Nations Bank of Canada (FNBC) to the Lil’wat Business Group.

The Lil’wat Business Group is the economic arm of Lil’wat Nation. The dollar amount is not being publicly released for the project, which was announced on July 28. 

FNBC’s CEO Bill Lomax said, however, it is the largest deal yet under its $100 million Indigenous Land Development Program partnership with the Canada Infrastructure Bank (CIB). The partnership provides below-market rates to Indigenous communities looking to build critical infrastructure.

“We've been working on accessing funding for (Tseqwtsúqum̓) for over a year,” said Rosemary Stager-Wallace, CEO of Lil’wat Business Group. But officials from the First Nation have contemplated options for longer than that.

“We've had this land to develop since the 2010 Olympics,” Stager-Wallace said. “It was part of the legacy lands agreement.”

The initial phase of Tseqwtsúqum̓ will consist of three buildings.

“We have about 72 units for housing,” Stager-Wallace said. “And we have about 30,000 square feet of commercial space in the three buildings.”

The project will help ease a local housing shortage.

“It's specifically aimed for people that work in Whistler or people that work for Lil’wat Nation,” Stager-Wallace said.

Lack of housing is a “huge concern for B.C. over-all,” she said. 

“I think the provincial government kind of set out some targets for municipalities to reach to increase the housing capacity.” 

Construction on the new project is expected to begin in September, with the first phase expected to take about 18 months.

“We’re just in the process of selecting a construction manager,” Stager-Wallace said, adding she anticipates a decision in August. “And then they would probably start their planning and schedule right away.”

Future phases of the development will include a gas station and a grocery store.

“This is our first large project to date in Whistler,” Stager-Wallace said. “But we're anticipating accessing this loan again for some other even larger projects we have that we're working on and have lined up down the road.”

Ehren Cory, the CEO of CIB, is pleased to see the initial phase of Tseqwtsúqum̓ coming to fruition.

“We are proud to see another Indigenous-led housing project moving forward through our agreement with FNBC,” he said. “In addition to supplying housing to a region with high demand, Lil’wat Nation businesses and community members across generations will also benefit from the project through long-term employment and cultural revitalization opportunities.” 

Lomax is glad that FNBC is able to lend a helping hand with the initiative.

“They're doing some progressive things,” he said of the Lil’wat Business Group. “And we're very excited about the project. They've got this nice piece of property. Function Junction is absolutely a developing area. And there's an opportunity they’ve seized to provide both some nice housing for locals, including teachers and other workers.

“So, they're helping to solve a bit of the housing crisis up there. And it gives them a very nice development that will include some great businesses and commercial space for folks out there as well.”

Lomax is especially thrilled the project includes residential spaces.

“It is basically impossible to find reasonably priced housing for workers up there,” he said. “So, this solves a big problem or helps to solve what is a really big problem in the area. We like that. But we really like the fact that they're going for a mixed-use building as well, so it creates a bit more of a community there and provides more business opportunities in the area as well.”

Lomax said he anticipates other announcements to be made in the near future about others who will be benefitting from the Indigenous Land Development Program. 

“We have a lot of demand for this program right now,” he said. “So, I think it will help inspire folks for sure. But this program with Canada Infrastructure Bank is very popular and we have a lot of opportunities in the wings at the moment.”

Local Journalism Initiative Reporters are supported by a financial contribution made by the Government of Canada.