This Vancouver Sun story was categorized in the “Sports” section… for some strange reason… Talk about “burying your lead”.
VANCOUVER — Millennium Development Corporation — the developer of Vancouver’s troubled Olympic Village — is in default on a loan of more than $71 million for a proposed West Vancouver luxury condominium and townhouse development, according to a petition filed with the B.C. Supreme Court by the project’s financial backers.
The petitioners claim that Millennium has defaulted in payment of principal and interest due on its mortgage and that they are owed $71,796, according to court documents.
Read the full article in the Vancouver Sun.
Oh, and who’s marketing these things?
The project, Evelyn Living, is being marketed by Bob Rennie — who is also marketing the Olympic Village — as a prestigious enclave on the slopes of Sentinel Hill, near the Park Royal Shopping Centre.