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.

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