Final sale of Olympic Village in Vancouver wins gold for Vancouver taxpayers. 2 VIDEOS
May 25, 2014
FACTS: False Creek...Olympic Village... You could buy 2 bedroom, 2 bathroom 1,153 sq feet apartment in highrise building for $1,100mln
The City of Vancouver paid down the entire $630 mln debt of the Olympic Village development, as well as recovered an additional $70 mln.
The success of the Village was made possible by the combined efforts of:
The Receiver, Ernst & Young, who took over the strategic sale & management of the Village in November 2010, including the leasing and occupancy strategy for the Village’s commercial space; and
Rennie Marketing Systems, who successfully marketed and sold the 737 market condominium units.
The work of Ernst & Young and Rennie Marketing Systems led to the complete 100 per cent occupancy of commercial space in the Village, and 94 per cent occupancy of the residential condominium units.
Since February 2009, when the City took over the loan from Fortress Credit Corp, a number of steps were taken to ensure taxpayers were protected and that all efforts were made to recover costs. These included:
obtaining very low interest rates for the City’s borrowed funds used to finance the Village;
the successful sale by the Receiver of the market rental buildings and the commercial strata space; and
the recovery and successful sale of 32 properties as part of the settlement of the financial guarantees provided by the Millennium Development Group on the City’s loan