City of Vancouver Sells Final Stake in Olympic Village
The City of Vancouver says it paid off the entire $630 million debt for the troubled Olympic Village project after selling 67 remaining condominium units for $91 million to the owners of the Vancouver Canucks.
Mayor Gregor Robertson told reporters Monday the Aquilini Group’s purchase of the condos ends the city’s involvement in the project that he once referred to as a $1.1-billion boondoggle.
“It’s a very good day for the City of Vancouver, in particular for city taxpayers,” said Robertson at a press conference at city hall. “Today, I’m thrilled to announce that we at city hall here have delivered gold for the taxpayers on our Olympic Village.”
Though the mayor framed the news as an Olympic-sized achievement, a later briefing by city manager Penny Ballem revealed the original revenue projections for the $1.1-billion project fell short by $130 million.
Originally, developer Millennium Properties Ltd. agreed in a 2006 deal with the city to pay $200 million for the land. The city only received $70 million.