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Olympic Village Receivership (Ongoing)

November 18th, 2010


$750 Million owed to the taxpayers... DAMN!

Owner of Olympic Village project goes into receivership

November 17th, 2010

Olympic Village.jpg

Via: The Vancouver Sun

VANCOUVER — The long and troubled history of the Vancouver Olympic village took another severe turn Wednesday when Millennium Water, the owners of the village, entered into receivership.

Under a deal worked out between the city of Vancouver and Millennium Water, Ernst & Young Inc. was appointed as the receiver for the company. The firm will assume control of Millenniu ...

Olympic condo owner stages protest

May 30th, 2010
Via: CBC

Upset Olympic Condo Owner

Exclusive condominiums worth millions of dollars go on sale Saturday at the former Olympic athletes' village in Vancouver, but one disgruntled owner is trying to warn potential buyers to beware.

Leo Chen is one of about 260 people who purchased condos before the Millennium Water development was actually built. The remaining 474 units go on sale on the weekend.

Chen bought a 1,000- ...

1000's flock to Olympic Village public opening

May 15th, 2010
1000's Flock to Olympic Village public opening

Were you there? What do you think? Let us know

Millennium Village Loan Take Over

February 26th, 2009

Vancouver buys out $750-million Olympic Village loan

February 18th, 2009

By Jeff Lee, Vancouver Sun

VANCOUVER - City of Vancouver has bought out Fortress Investment Group's financing of the $1 billion Olympic Village, city officials announced Wednesday.

The city confirmed it bought out Fortress on Wednesday for a total of $319,494,235. It paid a $4-million buyout fee but says Fortress started at $56 million, went down to $19 million and finally to $4 million.

Vancouver Sun Logo

Cit ...

‘We will go beyond breaking even,’ athletes’ village developer says

February 16th, 2009

By Miro Cernetig, Vancouver Sun

VANCOUVER - Shahram Malek is not a man who seeks the spotlight. Nor does the intensely private Malek clan, whose members prefer all discussion about their lives and their global empire's finances to stay inside the family.

But he's heard the rumours, too - the family company isn't up to the task of building the $1-billion Olympic village. It won't meet the comp ...

Olympic village to have 'zero' impact on taxes: former mayor Sam Sullivan

January 31st, 2009

By Don Cayo, Vancouver Sun columnist

Critics of Vancouver city council's role in the Olympic village are spouting alarmist nonsense and taxpayers should relax, says former mayor Sam Sullivan.

Despite at least $125 million in cost overruns and the unexpected need for the city to underwrite up to $850 million (the project's full cost), "It won't add a dime to your taxes," Sullivan told me in an ...

Former Vancouver councillor Jim Green hired to help with Olympic village project

January 27th, 2009

VANCOUVER -- Former Vancouver councillor, mayoral candidate and Downtown eastside activist Jim Green has been hired by Millennium Developments to help with its controversial Vancouver Athletes Village.

Green told The Vancouver Sun Monday afternoon that he will be working with the company on a six-month contract as it tries to get back on track with the troubled False Creek development.

"My jo ...

Vancouver city staff seek new lenders for Olympic Village

January 21st, 2009

By Catherine Rolfsen, Vancouver Sun

VANCOUVER - Vancouver city staff want to start planning on financing the Olympic Village project directly after current lender Fortress Investment Group cut off funding to the developer.

A report written by director of finance Kenneth Bayne, made public Tuesday and to be considered by city council Thursday, requests authority to start talking with potential ...

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