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…
A who’s who and what’s what at the Olympic Village in Vancouver:
- 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.
- The Olympic Athletes’ Village is a housing/condo complex with 1,100 units to accommodate athletes during the Vancouver 2010 Winter Olympic Games.
- The Olympic Village is being constructed in southeast False Creek.
- 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.
- $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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