Independent media needs you. Join the Tyee.


The Hook: Political news, freshly caught

Olympic Village woes continue

The scheduled Saturday marketing relaunch of the Olympic Village is on hold until sometime in October as the future of its developer seems foggy.

Millennium Development lost a Village-related tax ruling in B.C. Supreme Court on Aug. 16. City of Nanaimo sued Millennium in June over a cancelled project and Millennium has yet to begin its Evelyn project behind Park Royal in West Vancouver. On Tuesday, it was hit with another lawsuit.

Alberta-based Launchvision claims in B.C. Supreme Court filings that it agreed to buy 503-77 Walter Hardwick Ave., but now wants its $156,500 deposit refunded. Launchvision charges Millennium with breach of the Real Estate Development and Marketing Act over the validity of its disclosure statements.

The urban oasis-style home-away-from home for Olympic and Paralympic athletes was a heavily secured haven of activity in January, February and March. Since the project opened to the public May 15, it has appeared more like a ghost town. Few balconies have furniture or plants. At night, few suites are lit. The Creekside Community Recreation Centre is the only magnet.

Marketer Bob Rennie said only 26 deals had closed between May 15 and Sept. 1. Of the 737 market-rate suites, 254 were sold. Just over half the 120 rentals had tenants. The 252 non-market units are awaiting a deal with BC Housing.

Openings of the London Drugs and Urban Fare stores have been delayed until spring 2011.

City of Vancouver bailed out Millennium with a $100 million loan two years ago and took over the project from troubled financier Fortress Credit Corporation in 2009. It was refinanced by a TD Bank-led consortium.

Bob Mackin reports for Vancouver 24 hours.

Find more in:

What have we missed? What do you think? We want to know. Comment below. Keep in mind:


  • Verify facts, debunk rumours
  • Add context and background
  • Spot typos and logical fallacies
  • Highlight reporting blind spots
  • Ignore trolls
  • Treat all with respect and curiosity
  • Connect with each other

Do not:

  • Use sexist, classist, racist or homophobic language
  • Libel or defame
  • Bully or troll
  • Troll patrol. Instead, flag suspect activity.
comments powered by Disqus