In a landmark $54.2 million acquisition, the Squamish Nation’s economic development arm, Nch’ḵay̓, has purchased International Plaza on Marine Drive, bringing the large residential and commercial complex back under Sḵwx̱wú7mesh ownership for the first time in 50 years.
The 4.54-acre site, located in the Squamish village of X̱wemelch’stn (Capilano IR #5), includes two 27-storey towers with 471 rental units and more than 65,000 square feet of commercial space. Built in 1975, the property has long been leased to outside developers.
“This is not only a real estate transaction—it marks a historic milestone in our mission to contribute to long-term wealth and prosperity for the Squamish Nation,” said Nch’ḵay̓ CEO Mindy Wight in a statement.
The deal was financed through a commercial mortgage from CIBC, supported by the Canada Mortgage and Housing Corporation’s MLI Select program. The agreement also extends the land lease by 99 years, to 2124. Nch’ḵay̓ said the arrangement secured favorable terms without using Nation funds directly.
International Plaza will be owned through a new subsidiary, Ch’ich’iyúy Limited Partnership. That entity will oversee operations, budgeting, and planning, with revenue flowing back to the Nation.
According to Nch’ḵay̓, the complex is expected to generate $4.5 million in revenue each year, with at least $45 million in positive cash flow projected by 2035. Rental income currently covers operating costs, debt payments, and refurbishments.
For tenants, Nch’ḵay̓ confirmed there will be no changes to existing leases. Property management has been contracted to Peterson, a Vancouver-based real estate firm, which will handle day-to-day needs such as maintenance, repairs, and rent collection. Building staff will be employed by Ch’ich’iyúy LP and supervised by Peterson.
Upgrades are planned to units, shared spaces, and infrastructure. Nch’ḵay̓ and Peterson said they will meet with current residents and commercial tenants to ensure a smooth transition. Strategic hiring for property management and maintenance is also underway.
While the towers remain market rentals, Nch’ḵay̓ has committed to prioritizing Squamish families for housing opportunities as units become available. The Nation is in active discussions with Hiy̓ám̓ Housing to explore options for below-market housing in the future, though officials note such opportunities are limited without subsidies.
“This acquisition means decisions about these buildings and the reserve land they sit on will now directly benefit our community,” Nch’ḵay̓ said in its announcement. “As owners and stewards once again, we reclaim our voice, our vision, and our responsibility.”
The complex, located at 1959–1999 Marine Drive, remains a well-known landmark on the North Shore corridor.
