There seems to be no end to problems at the Olympic Village. You’d think there would be lots of demand for luxury affordable housing and having it sitting empty is a bit of an embarrassment:
The province has rejected the only three bids that came in from operators willing to run Vancouver’s much-debated social housing at the Olympic village.
That leaves the city scrambling for a new solution to fill the 252 units in those three buildings, meant to be the city’s legacy from the Olympic Games. They have been sitting empty for six months, after a lengthy negotiation process between the city and province on how to structure the bid process for non-profit operators.
The operators were supposed to provide $48-million in lease money up front, which the city is anxious to get as a down payment for the $110-million buildings – all part of a project that is financially stressed in every direction.
Full article in theGlobe and Mail