Anna Asi, M.A.

Surrey Central and Olympic Village Real Estate Update

Independent audit and inquiry needed into Olympic village mess

It’s the only way to find out what happened, to avoid similar mistakes as city moves forward with development of other property

Only in some parallel, political universe where land-sale prices are “aspirational” and only with some bookkeeping sleight of hand does it seem possible to conclude that Vancouver lost only $50 million on the Olympic village and not at least four times that.

In the seven days since journalists’ first technical briefing with city manager Penny Ballem and Coun. Geoff Meggs on the loss and since a follow up briefing a few days later, a great deal has been written about the numbers. But what’s lacking is certainty and trust in any of them.

Here’s a brief synopsis.

The city wrote off the nearly $180 million owed for the land cost — the so-called “aspirational” price that developer Millennium Developments contracted to pay.

It justifies that on the basis that years ago the city paid $27 million for the land and recovered $29 million from the bankrupt developer.

Missing from the city’s calculation is money spent on ground preparation, legal costs related to construction deficiencies, holding costs and infrastructure including sewer, water, shoreline improvements, walkway and community centre. Assessing the value of that, however, is controversial since some of those costs will be recovered when the city develops the remaining two-thirds of the site.

Suffice to say, no homeowner would call it a wash if they got $150 million less than the agreed price even if they’d inherited the property and paid nothing for it. And far from being soothed by city officials’ insistence that there won’t be a tax increase because the money will come from the property endowment fund, most citizens recognize that the money’s gone regardless of which pot it’s taken from. Seven days on, what’s clear is that this is one great mess. It has echoes of Montreal’s Olympic debt that took 30 years to repay, only this one lacks the tidy benefit of being able to place the blame on a single politician as Montrealers did with Jean Drapeau. What needs to happen are not more rounds of technical briefings, nighttime Twitter duels among the political cognoscenti or ill-informed debates.

What’s needed is transparency and that now seems only possible with an independent financial inquiry separate from both the city’s administrative and political wings, which seem of a single mind on the idea that the shortfall is no more than $50 million.

It cries out for the sort of forensic accounting done at the provincial and federal levels by the auditors-general and it raises the question of why Vancouver doesn’t have an auditor-general like some other big cities including Montreal.

If Vancouver balks at a full-time, independent auditor-general, the provincial government ought to consider other options because even though Vancouver has the most spectacular fiscal fumble, it’s far from the only one to have them. West Vancouver citizens, for example, might have liked to know exactly how their community centre ended up costing more than double its original estimate. One option is to expand the provincial auditor-general’s mandate to include municipalities. Another option would be reinstituting the inspector of municipalities office, which was eliminated years ago in an early round of provincial government cost-cutting.

The municipal inspector had broad powers to investigate and even overturn council decisions. However, there were some flaws in the legislation that ought not to be repeated if the office is reinstated. The inspector ought to be appointed by, and report to, the legislature so that s/he is fully independent of both the provincial cabinet and the municipalities.

But a financial audit of the Olympic village alone is not enough. There needs to be an independent inquiry into the decision-making process that spanned three councils, two city managers and involved dozens of senior staff both past and present.

The second inquiry’s goal would not be to apportion blame, but to take an objective look at what decisions were made and why. Among the questions that should be addressed is whether it is appropriate for the city administration to directly oversee development projects like this one or whether development of city land ought to be done at arms’ length as Vancouver did successfully with the Fraser lands and Champlain Heights. But other decisions that also ought to be reviewed include: Larry Campbell’s Vision council determining that it would be a low-rise rather than highrise development aimed at one-third low-income, a third middle-income and a third, high-income earners; Sam Sullivan’s Non-Partisan Association council’s choice of Millennium’s high bid over Concord Pacific’s cash offer; and, Gregor Robertson’s Vision council’s decisions not to sell the social housing or go after the private assets of the developer.

With the results of both inquiries, Vancouver could then develop a best-practices guide to help ensure that the mistakes made on the 1,100 units in the Olympic village aren’t repeated as the city moves forward with the development of the remaining 23.8 acres of adjacent city-owned land or on any other land left in the property endowment fund.

Cat: Vancouver Real Estate, Vancouver Olympic Village

© Copyright (c) The Vancouver Sun

Village on False Creek to Lose $250 Million from taxpayers' money

Cat: Vancouver Olympic Village

Whistler Olympic Village - Molding issues

Cat: Whistler Olympic Village

Vancouver Olympic Village condo owners file lawsuit for Defects

Olympic Village condo owners, some of whom paid more than $1 million for their suites, filed lawsuits this week seeking refunds for what they claim are gross deficiencies in their homes.

Cat: Vancouver Olympic Village

Olympic Village Selling Well

'Ghostbusters' sell 128 units at Olympic Village

After months of sluggish sales, condos are finally selling at Vancouver's former Olympic athletes' village, with more than half of the re-marketed and re-priced units selling over the opening weekend.

Out of 230 units available for sale at the newly christened Village on False Creek, 128 have sold since Friday. Before it was placed in receivership in November, only 36 condos had sold since the development hit the market in May, despite strong presales of 223 units in 2008.

Marketer Bob Rennie told reporters that the Village has now lost its "ghost town" image.

"The clouds are rolling away," he said. "I think what we brand our company is ‘Ghostbusters.'"

Twenty units priced at more than $1 million sold this weekend, with the most expensive selling for almost $3 million and the cheapest for $329,900. The average selling price was $778,800.

Buyers have seven days to rescind their offers if they change their minds -- Rennie estimates that between four and 10 per cent of buyers typically rescind their offers.

All of the units sold over the weekend went for the asking price. Since Ernst & Young took over as receiver for the development, Rennie and his marketing team have sliced prices drastically, cutting them by an average of 30 per cent.

Rennie credited that move for the heavy sales over the opening weekend.

"I've never had a proximity problem or a product problem, but we did have a pricing problem," he said.

Another 244 waterfront units in the development have been held back from the market -- half were meant to be offered for rent, and the rest would go up for sale at a later date. But Rennie said Tuesday that he would like to hold the rental units so that they can be sold as well.

The marketer was hopeful about what the upswing in sales will mean for the $740-million debt on the development owed to the city.

"Between Bob being happier or the taxpayer, the taxpayer has to feel good that things are moving along properly," Rennie said, referring to himself in the third person.

"We're cautiously optimistic that we have stabilized the asset for the taxpayer."

Real estate experts have estimated that the city stands to lose between $150 million and $170 million on the development.

Vancouver Olympic Village Condo buyers beware

A lawyer warns that it is unclear who would be on the hook for any problems at the former Olympic Village.

See Below for CBC news report:

Price of units lower, but still no bargain, expert says

Even at reduced prices, it's unlikely taxpayers will fully recoup $740 million invested in project, according to UBC professor

The new prices for condos in the taxpayer-owned Olympic village are more in line with the rest of the real-estate market, but they're still no bargain.

That's the analysis of a realestate expert and a business professor who say it will still take years to fill out the Southeast False Creek project.

And even then, it's unlikely that taxpayers will fully recoup the $740 million they invested in the project through construction financing and land sales.

On Thursday, condo marketer Bob Rennie set the stage for the sale of 230 units in five buildings starting today.

He laid out for reporters and fellow real-estate agents an average price reduction of 30 per cent for the units, which make up about half of the 474 unsold units in the village.

Some units, principally the more expensive ones, have been reduced by as much as 50 per cent, while price cuts on smaller lower-priced units are closer to five and 10 per cent.

But Scott Brown, the vicepresident of residential marketing for Colliers International in Vancouver, said those cuts may not be enough.

"It's definitely come down from where it was, which tells you how far out of reality the prices were. They were really out of whack," he said. "I don't know if they have come down far enough to drive any really serious volume."

Brown said Colliers' market research has shown that threequarters of sales in the area have been for units priced at $650 to $750 per square foot.

But most of the new prices in the Olympic village are still higher than that.

Brown cited a 1,445-squarefoot two-bedroom unit now offered at $1.3 million. At nearly $900 per square foot, "that's not a deal," he said. "Those prices are not low enough yet where people will say, 'This is such a deal I've got to buy it now.'" Tsur Somerville, a professor at the University of B.C.'s Sauder School of Business, said he thinks Rennie's overall repricing strategy will eventually drive enough sales for the city to recover the remaining $570 million it loaned for construction.

But he's doubtful there's enough residual value left to also cover the outstanding $170 million owed on the city's sale of the land to the project's original owners, Millennium Developments.

"I think it is reasonable to say that it is highly unlikely that the taxpayers of Vancouver will see the full value of the lands the city contributed to the project," he said.

Somerville said the prices are competitive with other built projects in the city but not for those being sold on the basis of pre-sales, where buyers put down a small deposit and have longer to pay. By Thursday, a dozen people had camped outside the sales office, waiting for today's opening sale.

Rennie said the lineup was encouraging and he expects to see a crush of potential buyers on the weekend. However, the lineup pales in comparison to the interest in other condo developments in Metro Vancouver.

On Saturday, Bosa Properties will open its sales centre for its 45-storey 202-unit Sovereign tower in Burnaby's Metrotown.

Earlier this week, more than 400 people lined up and 2,600 signed on to a company website.

The company sent people home after giving them numbers reserving their place in line, said Bosa vice-president Daryl Simpson. He projected that up to 70 per cent of the units, priced at $650 a square foot or less, will be sold by the end of the weekend. Rennie told reporters that demand in the Olympic village can't be compared to pre-sales at other developments, noting he'd sold all but 11 of 540 pre-sale units in Wall Centre False Creek behind the village.

Pre-sale buyers put down 10 to 20 per cent and have up to three years to pay. But with built stock such as the Olympic village, buyers have to complete their sales in 60 or 90 days. For that reason, Rennie expects upwards of 70 per cent of buyers in the village will be people wanting to live there or buying for their family. There is little true investor demand for the units, he said. Brown said he thinks Rennie's prices may only translate into four to eight sales per month. "I don't think necessarily they will do 20 or 30 transactions a month and shoot the lights out."

© Copyright (c) The Vancouver Sun

Condo Boom in Vancouver

The Sovereign Condominiums in Burnaby by Bosa Properties sells out in 1 day

Vancouver Olympic Village New Prices Revealed!

Realtor Bob Rennie dodged questions Thursday morning about whether taxpayers would even come close to breaking even on the Olympic Village development.

Hosting a media launch about sales that start Friday at what’s now branded The Village on False Creek, he said Rennie Marketing Systems was working to stabilize the city’s asset and to maximize revenue.

Rennie said he sees the downtown condo market stabilizing and the real estate market reviving from its recent slump.

Instead of aiming to sell approximately 480 unsold units like he did last May after the 2010 Winter Games ended and the property was returned to developer Millennium Water and the city, Rennie aims to sell 230 condos in two areas of the village. Of the 737 condos at the village, 263 have sold, most of them in 2007. Friday’s launch is the third time the units have gone on sale.

Receiver Ernst and Young has contracted with a company to rent approximately 114 units to get the “ghost town” populated fast. Those units don’t include the 119 rental units purpose-built by the developer or the city’s 252 market rental, co-op and below-market rental units in the village.

Rennie blamed slow sales after the Games on bad timing due to a sluggish economy.

“I do not believe we ever had a product problem,” Rennie said. “What I do have is a pricing problem, and that pricing problem on May 15 was compounded by the fact that there was 480 units for sale and people didn’t see any sense of urgency and everybody just moved to the sidelines and folded their arms.”

He’s confident the prices are appropriate now. He said market testing done before the latest sales launch attracted 31 offers in 10 days. They included 12 for units that cost more than $900,000, 11 offers for units priced from $600,000 to $900,000 and eight offers for units under $600,000.

Seven chairs sat outside the sales centre at 5 p.m. on Wednesday. Fourteen chairs labelled with people’s names were positioned outside the sales centre just before 11 a.m. Thursday morning. The sales centre was to open at noon Thursday with sales to begin Friday. Rennie said he was giving a tour to 1,058 realtors through the site yesterday starting at 2 p.m.

Prices for the unsold units have been reduced an average of 30 per cent from May 2010 rates. Rennie said rates on the lower priced units weren’t reduced much—a studio now goes for $349,500 to $354,900—but prices on larger units that were priced at $1.5 million saw greater reductions.

He aims to sell 60 units in 60 days.

He noted the receiver for the village, Ernst and Young, has been tackling building deficiencies and that regular new home warranties protect owners.

Only a bank and a private liquor store operate at the village. Rennie said London Drugs is eying population numbers, negotiations are underway with an unnamed grocery store—previously the grocery seller was meant to be Urban Fare—and a consultant has been hired to focus on leasing the other commercial spaces.

The city is owed $740 million for the development.

© Copyright (c) Vancouver Courier

Vancouver Olympic Village Latest Updates

Whistler Olympic Athlete's Village

Olympic village condo prices to be slashed by an average of one-third

Condo prices at the troubled Olympic village project will be reduced by an average of 30 per cent from May 2010 levels, according to Ernst & Young, the project's receiver. The following is a look at how much Olympic Village units are going for on the market.

$575,000: 1 Beds, 1 Baths - # 710 1633 ONTARIO ST.

$589,000: 1 Beds, 1 Baths - # 405 1633 ONTARIO ST.

$469,000: 1 Beds, 1 Baths - # 703 123 W 1ST AV

$469,500: 1 Beds, 1 Baths - # 405 123 W 1ST AV

$760,000: 2 Beds, 1 Baths - # 710 123 W 1ST AV

$998,800: 2 Beds, 2 Baths - # 804 123 W 1ST AV

$498,000: 1 Beds, 1 Baths -# 201 181 W 1ST AV

$539,980: 1 Beds, 1 Baths - # 502 181 W 1ST AV

$1,238,000: 2 Beds, 2 Baths - # 607 181 W 1ST AV

$1,259,000: 2 Beds, 2 Baths - # 909 181 W 1ST AV

Courtesy of Vancouver Sun.

The Vancouver Condo Project Receiver To Approve Significant Price Cuts Later this Week
Condo marketer Bob Rennie announced that he is about to receive approval from Ernst & Young to reduce condo prices across the board in the Olympic Village complex in southeast False Creek. Although he did not speak to any specific numbers, Rennie called the pending reductions ‘significant' . He spoke about a very delicate positioning of the new Olympic Village marketing plan quoting a ‘do it right or die' approach is the one they'll be taking.
The neighbourhood's reputation has taken a beating over the past year as the market for luxury concrete condos in Vancouver has softened. I did witness quite a few of the resale unit listings go stale towards the end of the Summer.
The social or non-market component has not been without its share of problems, particularly finding someone qualified to manage it. The development mix of high-end luxury condos and social housing has also been a contentious issue and a thorn in the side of the marketing effort.
Rennie hinted that a possible relaunch price could be around $1,000 per square foot for the high-end units and that he expects to move 100 units by June next year. The target date for the newly priced marketing relaunch is Feb 12, 2011, the one year anniversary of the 2010 games.
My feeling is that while $1,000 per square foot will be achievable, those sales will be limited to the best of the best only – waterfront suites. Look for a huge price differential between the waterfront suites and those further back in the compound towards the Wall Center at False Creek development site.

Rumours have started swirling that sluggish condo sales at the troubled $1 billion former Olympic Village might prompt the project’s major creditor, the City of Vancouver, to encourage the receiver, Ernst and Young, to start renting out units as a way to generate some revenue.

Renting units might also be desirable for the City of Vancouverbecause it would cloud exactly how much money Vancouver taxpayers lose as a result of the bungled project, according to real estate consultant Michael Geller.

Mayor Gregor Robertson frequently points out taxpayers have been exposed to the full financial risk of the Olympic Village since June 2007 when the previous NPA council agreed to be the guarantor of the project.

“That decision was kept secret until we made it public in January of 2009,” Robertson said recently.
Still, many taxpayers expect Robertson to make decisions now to minimize losses. Making it difficult to pinpoint an exact loss would, therefore, also be in Robertson’s interest, Geller said.

“One piece of advice for the city is not to rent those units because they will lose too much money,” Geller said. “Besides, there are things the city could do in a more positive way.”

Geller advocates hybrid leasehold systems outside the common lease-or-own dichotomy.

For example, the city could initiate shared ownership. They could sell a $700,000 unit for $600,000 and have the contract structured so the city would get an additional $100,000 when the initial buyer resells the unit.

Another of Geller’s ideas is to have a rent-to-own program where the renter would put down a small deposit and slowly accumulate equity with each rent payment.

“Most developers don’t do this because they always need the money now. The city can have a much longer-term horizon,” Geller said.

The financial problems with the are taking the troubled project in a new direction, as the owners go into receivership. “This agreement gives us stability,” said Vancouver city councillor Geoff Meggs.

“Now, the milestone payments don’t have to become a recurring crisis. If (the developer) lacks the capacity to pay each time, the damage to the asset will be greater, compared to an orderly approach.”

The City of Vancouver has negotiated an agreement with the owners of the Millennium Water development to put the project into receivership and hand over management to accounting firm Ernst and Young.

Millennium recently failed to make a scheduled loan payment, which raised serious concerns about how the company will pay back its loans on the $1 billion project.

In August, Millennium was supposed to make a $200-million payment, but the city received $192 million and by Sept. 20, a total of $197 had been received. The next payment of $75 million was due from Millennium in January.

“They were facing another deadline in 60 days, which was problematic,” said Meggs. “We always had the option to force them into receivership, but we decided to negotiate an agreement for consensual receivership.”

The owners of Millennium Southeast False Creek Properties, Shahram and Peter Malek, agreed to go into receivership to avoid pending legal action.

The city was preparing to go to the B.C. Supreme Court to petition Millennium into receivership.
Receivership is a form of bankruptcy in which a company can avoid liquidation by reorganizing with the help of a court-appointed trustee.

There are a total of 1,108 units in the Millennium Water project. The marketing company hired by Millennium has managed to just sell 259 units out of 737 market sales units, about 35 per cent of the total. This number includes 223 pre-sales units that were sold last year.

The agreement allows the receiver to make immediate decisions about a new marketing strategy and is designed to secure the payment of about $740 million dollars that is still owed by Millennium to the City. The loan for construction represents about $560 million.

“First, we will sit down and produce a marketing plan that makes adjustments to price,” said Meggs “As part of the agreement, Millennium has pledged other types of security that will be used to close the gaps in the repayment program.”

According to Meggs, cutting prices could reduce the amount of revenue that was anticipated from the sale of the units and create a payment gap.

Almost half of the unsold units left on the market are priced at less than $1 million, but another 24 per cent of these units are priced between $1 million and $2 million.
Twenty eight per cent cost more than $2 million.
About 60 per cent of the 119 market rental units have been rented out.

The city is working with a non-profit housing operator to manage 252 social housing units.

New York-based Fortress Investment Group, which was the developer’s original lender, stopped financing the project.

This move forced the city to buy out the building loan to better control costs and finish in time for the 2010 Winter Games.

The few residents found walking through the empty streets of the Olympic Village were disappointed, but not surprised, to hear Wednesday that the developer of their condos has gone into receivership.

“Sad to hear that,” said Keith MacPherson, who has lived in the Millennium Water development in False Creek since the summer. “I really like the area, the facilities are great and it’s a good environment.”

Vancouver officials announced Wednesday that the city has a reached a “mutual agreement” that would allow a receiver, auditor Ernst & Young, to manage the development, in place of Millennium.

That company is still on the hook with $740 million in outstanding loans to the city.

How hard taxpayers will feel the heat of the debt will not be deteremined for some time, Mayor Gregor Robertson said, as it will take years for the remaining 454 market condos to sell and the city to recoup its losses.

Marie, a woman walking through the neighbourhood’s main square who did not give her last name, said the news of the receivership comes as no shock.

“I’ve had misgivings right from the beginning,” she said. “There’s just been a few too many concerns.”

Scott Hennig, spokesperson for the Canadian Taxpayers Federation, said he didn’t think the city has much chance of recovering any of their investment, let along making any money off it.

“This is bad news and maybe a bit surprising that taxpayers are going to be left holding a bag,” Hennig said. “It’s unique circumstances, but this is what happens in general when governments come in and bail out companies that can’t make a go of it anymore.”

Here's how the Olympic Village fiasco came to be:

Nov. 2002: City of Vancouver signs deal with Vancouver Olympic Bid Committee to build an Olympic Village.

July 2003: IOC selects Vancouver/Whistler to host 2010 Winter Olympics.

April 2006: Millennium Group outbids better-known Concord Pacific and Wall Financial to build the village, offering the city a record $193-million for the 2.6-hectare city-owned False Creek development site. Millennium expects to spend $750-million, borrowed from Wall Street’s Fortress Investment Group, to develop 1,100 units, including 200 for rental and 250 for social housing.

Oct. 2007: Millennium pre-sells 222 of 737 available condos ranging in price from $600,000 to $3.4-million. Some of those pre-sale buyers are currently in court trying to get out of the deals.

Oct. 2008: Leaked documents show city council unanimously agreed to lend $100-million to the development to ensure it be built prior to Olympics. The city is liable for delivering the village on time.

Nov. 2008: Issue becomes political hot potato during lead-up to civic election, which ends in landslide win for Gregor Robertson and Vision Vancouver on Nov. 15, 2008. Pundits say the controversy played role in demise of the NPA and its mayoral hopeful Peter Ladner.

Jan 2009: Fortress tightens loan conditions on cost overruns, which Millennium can’t meet. Fortress cuts off funding and city starts process to step in.

Feb. 2009: City votes unanimously to bail out project to ensure completion.

Dec. 2009: Olympic Village completed after city agrees to buy out Millennium’s borrowings.

Feb. 2010: Olympics held.

May 2010: Millennium starts trying to sell 450 remaining units with little luck.

Sept. 2010: Millennium now owes the city $740-million and has sold just 259 units with almost 500 unsold.

Oct. 2010: Millennium defaults on $200-million it owed the city, only paying $192-million.

Nov. 2010: Millennium unable to meet payments and a receiver is appointed with the city owed $740-million. Total project cost was just over $1-billion.

The City of Vancouver and the owners of the Olympic Village should be patient and wait out the soft real estate market if they expect to recoup their costs, according to the Urban Development Institute.

Maureen Enser, the UDI's executive director, said Friday the Southeast False Creek project is one of the most desirable new neighbourhoods and people will buy there as the market improves. But she said the builders, Millennium Developments, and the city -- as the financial backer -- face an uphill battle over the short term because of the harmonized sales tax on new home construction.

"The city needs to be patient," Enser said. "It would probably be much more successful in terms of sales and recouping its money if it has a degree of patience and waits out this soft market [which] is beyond Millennium's control. It is beyond any developer's control."

Enser's advice comes as Millennium prepares to offer an incentive program next month to try to spur sales of the remaining 483 units in the former Olympic athletes' village. Those sales are necessary if the company is to raise the next $75 million instalment it must make on the remaining $700 million-plus loan from the city by Jan. 3.

Millennium's sales plan coincides with Wall Financial Corp's plans to begin selling the first 300 of 550 units directly across the street at its massive four-tower Wall False Creek project. That project won't be finished for another three years, but is expected to draw considerable interest because of its smaller units and lower prices.

The average Olympic unit is about 1,000 square feet and is priced at more than $800,000. In response to the softening market, Wall redrew its project last year to create units of about 600 square feet with an average price of $375,000.

Bruno Wall, the president of Wall Financial Corp., said he doesn't think his sales program will steal away potential buyers of Olympic units, since the two projects are vastly different in size and cost. Wall is after first-time homebuyers and investors with modest sums who may look for a return of three to four per cent. But the simultaneous sales programs should help attract attention to an area that is one of the most promising new neighbourhoods, he said.

"There is a lot of development going on in the area. It is a great neighbourhood. Our market is different than theirs, but it should help drive sales," he said. "But the buyers they are looking for are in the $800,000 range while ours are half that."

Wall said the village faces only two possibilities: "Either it will get priced to a point where people will buy it, or it will get rented out. There really aren't any other options." On the bright side, the fact that major retailers such as food and pharmacy stores are committed to moving in will help encourage sales.

Both Wall and Enser said the HST is a problem for higher-end units because it amounts to tens of thousands of dollars. Units affected most are those priced higher than $550,000, Wall said. That's because under that price, there wasn't much difference under the old tax regime.

"What people are concerned about right now is the HST," Enser said. "Because there is confusion and debate about whether the referendum will continue or the HST will be here or not in a few months, I think it is stalling purchasing decisions throughout the market. But it is particularly hitting those higher-end units."

Enser said potential buyers face a double whammy of the HST and the provincial property transfer tax. The combination is enough to make many people shy away, and the UDI is trying to convince the province to drop the property transfer tax on new homes, which are already subject to the HST.

© Copyright (c) The Vancouver Sun

• Community Centre
• Full-size gym
• Games room
• Arts and crafts room
• Aerobics studio and fitness centre
• Multipurpose rooms
• Dock for non-motorized boats
• 69-space daycare and outdoor play area
• 6,000 sq. ft. of commercial /restaurant space
• Underground parkingwill be developed

• More than 5,000 residential units
• Mid-size grocery store and community serving retail/services
• Full-size community centre
• Non-motorized boating facility
• Three to five licensed childcare facilities
• Two out-of-school care facilities
• An elementary school
• Interfaith spiritual centre
• Restoration of five heritage buildings
• 10 hectares of park land, including habitat, playgrounds and opportunities for urban agriculture

•  181 Athletes Way - Olympic Village
• 151 Athletes Way - Olympic Village
• 1616 Columbia - Olympic Village
• 181 W. 1st Ave. - Olympic Village
• 123 W. 1st Ave. - Olympic Village
• 1661 Ontario - Olympic Village