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Profile: Olympic Village

A who’s who and what’s what at the Olympic Village in Vancouver: WHO: Millennium Development Corp: Vancouver-based development corporation owned…

By Karen Moxley , in Spending , on November 13, 2008 Tags: , , , , , ,

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

WHO:

A view of the southeast False Creek development.
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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