Profile: Olympic Village

By Karen Moxley

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 skip to the end and leave a response. Pinging is currently not allowed.