Village retail space sold to help Vancouver cover debt 0
A court-appointed receiver has sold 64,000 square feet of retail property at the Village on False Creek.
The sale was part of an effort to recoup an estimated $300 million the city still owes after taking over the trouble project, which formerly housed athletes during the 2010 Olympics.
First Capital Realty announced Tuesday it paid $46 million for the property, which includes buildings housing Urban Fare, London Drugs and a TD Canada Trust branch.
EY — formerly Ernst & Young — was appointed receiver of the property on Nov. 17, 2010 after Millennium Development Corp. came up short on a payment toward the $740 million it owed the city.