VANCOUVER -- The Squamish Nation has voted overwhelmingly in favour of building a massive housing project in Vancouver's Kitsilano neighbourhood.

Members voted to approve the $3-billion Sen̓áḵw project Tuesday night, agreeing to a 50-50 partnership with developer Westbank, which will be providing the funding for construction.

The Squamish Nation is contributing an 11.7-acre parcel of reserve land located at the south end of the Burrard Street Bridge.

"This is truly a landmark moment in our nation’s history," nation councillor and spokesperson Khelsilem said in a statement. "The Sen̓áḵw Project will transform the Squamish Nation by providing immense social, cultural, and economic benefits to Squamish Nation members for generations to come."

The project consists of 11 towers and 6,000 units of mostly rental housing, and is said to represent the single largest development of First Nations lands in Canada.

The size of the Sen̓áḵw project has raised concerns among some in the area, including the West Kitsilano Residents Association, which noted there will be thousands more cars moving around in what's already a busy access point to Vancouver's downtown core.

Vancouver Mayor Kennedy Stewart supports the project, however, and the Squamish Nation has said it's considering a plan that would only provide parking for 10 per cent of units.

Construction is expected to begin in 2021.