Vancouver claims Olympic Village paid off
The city of Vancouver says it's managed to pay off the massive debt from the Olympic Village project. (CARMINE MARINELLI/ 24 HOURS)
The Vancouver Olympic Village — called a billion-dollar boondoggle by Mayor Gregor Robertson not long after being first elected — has been paid off, according the very same mayor.
The village, a partnership between the developer Millennium properties, but with the city as the guarantor, became a financial mess following the 2008 global economic crisis when the hedge fund backing the project stopped its support.
About $630 million and more than five years later, Robertson announced Monday that with the $91-million sale of its remaining share of the project Vancouver has broken even.
The Aquilini Group, which also owns the Vancouver Canucks, purchased the city’s remaining interest in the last 67 condominium units in the Olympic Village.
Though the city appears to be free of the financial burden, real estate planner and former council candidate Michael Geller said Vancouver still lost money on infrastructure being built around the village.
According to the city, it has now put $630 million in debt to bed, repaid $60 million of city capital while recovering another $70 million.