Craig B. Rushton

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 ...

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- ...

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.

Cit ...

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 ...

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 ...

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 ...

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 ...