Profile: Olympic Village

A who’s who and what’s what at the Olympic Village in Vancouver:

WHO:

A view of the southeast False Creek Olympic Village development.

• Millennium Development Corp: Vancouver-based development corporation owned by Peter and Shahram Malek.
• Fortress Investment Corp: Millennium’s financial backer.
• The City of Vancouver: Has ownership of Olympic Village site land until after the 2010 Games.
• VANOC: Vancouver’s Organizing Committee for the 2010 Games. VANOC has a guarantee from the city that the Village will be completed by October 2009.

WHAT:

• The Olympic Athletes’ Village is a housing/condo complex with 1,100 units to accommodate athletes during the Vancouver 2010 Winter Olympic Games.

WHERE:

• The Olympic Village is being constructed in southeast False Creek.

WHEN:

• 2006: Millennium Development Corp bought the land from the city of Vancouver for $193 million.
• October 2009: City must ensure Village is complete by this time, when it will be handed over to VANOC.
• March 31, 2010: Olympic Village will be returned to Millennium Development Corp.

HOW MUCH:

• $100 million: The amount of the loan guarantee the city has promised Millennium.
• $120 million: Total spent to date on the development by the city.
• $1.1 billion: The full estimated cost of the southeast False Creek development.

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Posted by Karen Moxley on Nov 13 2008. Filed under Spending. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry