Vancouver Olympic Village goes into receivership

The troubled Vancouver Olympic athletes village has entered a new phase of fail, going into receivership.  What does this mean?

City of Vancouver workers will likely begin work dismantling the erstwhile housing development within the next couple of weeks, perhaps even completing demolition by Christmas.  Everyone involved in the project will probably begin issuing public apologies early in the new year and digging into their personal bank accounts to cover any financial losses and protect taxpayers from any future expenses.

..or maybe not.

Actually all this means is that the City of Vancouver now takes over all marketing and sales responsibility, which apparently is their new specialty.

“We can now accelerate the sales and marketing program,” the mayor said, while acknowledging that taxpayers may still end up being on the hook for some losses.

As for how the agreement was reached, Ms. Ballem would only say: “The fact that we both agree to this meant we didn’t have to apply for receivership and then sue them.”

The city, through receiver Ernst & Young, will take over managing everything that Millennium still owns in the project – 480 unsold condos, commercial space and about 100 rental units – as well as other assets that were promised as security.

Although receivership won’t bring the city any more money than leaving the project in Millennium’s hands would, it will allow the city to move ahead in a more orderly way.

From the Globe and Mail.  Other stories and video over at CTV and the Vancouver Sun.

If it makes you feel happy, remember what Sam Sullivan said:

“Not one taxpayer has paid one dollar for the Olympic village,” he said. “And they never will.”

No sir. Not one, but all of them together.

104 Comments
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Newcomer
Newcomer
9 years ago

How those 'Asians' are getting so rich, and where that might be headed.

http://www.salon.com/technology/how_the_world_wor

Newcomer
Newcomer
9 years ago

A request for a million dollar investment on kijiji. That's cute. Merit: get that Alberta feel without the drive.

Anonymous
Anonymous
9 years ago

@McLovin:

Looks like it's downtown Merrit…biggest craphole around. More like Fresno North.

ReadyToPop
ReadyToPop
9 years ago

One of the first economists to accurately predict America's housing meltdown is warning Canadians they could face something similar if steps are not taken to restrain the sector.

Canadian home prices should ring alarms: expert

McLovin
McLovin
9 years ago

Merritt the Palm Springs of the North???

Wow Realtards just get more and more clever!
http://vancouver.kijiji.ca/c-housing-commercial-I

NO - LYMPICS
NO - LYMPICS
9 years ago

# 85 realpaul

But but but you don't understand.

They have to compete with the private sector, or else these turtles…err civil servants will have a hissy fit like a troll and maybe quit and go back to their private sector job that never existed.

We can't let that happen….can we?

Anonymous
Anonymous
9 years ago

@Ex-Bear: I know Scullboy very well, Scull is actually women with bigT and wideA.She is almost 49 year old but jolly good to attract teens.

Carioca Canuck
Carioca Canuck
9 years ago

@realpaul: realpaul……post #85 was one of the best screeds I have read here in a long time.

****standing applause****

paulb.
paulb.
9 years ago

@Best place on meth:

Yup, no sweat. But I do miss the wild parties we used to have 😉

NO-LYMPICS
NO-LYMPICS
9 years ago

Q: What's the difference between Basi-Virk case and the OV?

A: Not much…

The OV developers apparently signed off on the deal, COV gets possession and the deal is confidential, so the Public is left in the dark yet still paying the bill.

Another made – in – BC cover-up.

NO-LYMPICS
NO-LYMPICS
9 years ago

68 Anonymous Says:

November 18th, 2010 at 4:01 pm

@NO-LYMPICS:

“If your not a Socialist before 30 you have no heart,

if your still a Socialist after 30 you have no brain”

If you’re over 30 and don’t know the difference between “your” and “you’re”……

========================================

Actually , my fault for poor editing…I cut and pasted that from a LEFTIE web-site…and they had stated "head" in place of the word brain.

Larry turd1Rob turd2
Larry turd1Rob turd2
9 years ago

Hit a raw nerve Dave?

NO-LYMPICS
NO-LYMPICS
9 years ago

# 70 jesse

Please expand on this $50 G signing bonus for UBC profs…sounds intriguing.

PS I wonder if they are the same wankers who as undergrads protested at the high cost of post secondary education ?

Best place on meth
Best place on meth
9 years ago

@paulb.:

No worries, Paul.

The sell/list is still quite a bit lower than a typical November.

The market is weak.

NO-LYMPICS
NO-LYMPICS
9 years ago

63 NO-LYMPICS

============

Holy Shite

Metro Vancouver mayors must be reading VCI..they are scared of the truth.

Renting
Renting
9 years ago

I have an idea for Bob Rennie on marketing the OV without reducing prices. Turn them back into presales.

Here is how it works:

1. Tell everyone you screwed up, the places are not finished yet and will not be done for 2 more years.

2. Do a relaunch as presales. You can only view the floor plan and are not allowed on the site or in the building. Completion date 2 years out.

I am sure that will work. Rich Chinese love presales and in two years the places will easily be worth double.

NO-LYMPICS
NO-LYMPICS
9 years ago

WTF ??? …this is nucking futs..

Burnaby Lake dredging story.

It was suspended to protect civil servants …..oops I meant turtles….

They actually stuck radio transmitters and painted numbers on the civil servants ….oops I mean turtles ….in order to monitor them.

Then they find out that the civil servants….oops I mean turtles ……..wouldn't have been affected, they actually had migrated to a tributary, so the dredging didn't have to be suspended after all.

This apparently cost extra miilions to Burnaby taxpayers over and above the dredging cost.

Seems like a typical exercise in seducing the schnauzer…

Larry turd1Rob turd2
Larry turd1Rob turd2
9 years ago

"And despite all the flack Bob Rennie gets around here, he’s the right guy to use to sell them."

Even Jesse can say silly things sometimes…… Not very often, but this is one of those rare times

Renting
Renting
9 years ago

Certainly they will not be personally liable unless they were asked to be at the outset of the deal – which would be very rare. They signed personal guarantees when the City of Van stepped in to take over financing. It looks like they have been let off the hook through the negotiated bankruptcy. Of course non disclosures were signed by all so it will be difficult for anyone to figure what happened. Probably a calculated plan on Millenniums part to not sell any units over the past 5 months so the City freaks out. Then they negotiate their way out with little personal loss. From what I see Greggor got hosed and let them off the hook. My understanding is they are still holding all or most of their personal and business assets that were used as collateral on… Read more »

realpaul
realpaul
9 years ago

The outrage of the entitled was apparent yesterday when BC Ferries head , Hahn, got furious at a reporter when asked why he and the staff got free passes on all ferries and had for years. He was simply incredulous that the perks should not go with the job………his million dollar a year plus job. Ministry parasite civic workers have huge expense accounts on top of their 'salaries' plus are supplied free insured vehicles…leased….which they get too replace every two years. ICBC office lot is full of Jaguars ( must the car de jour) and pigs are paid $600,000 plus a year….to run a monopoly…that has no competition for business…..no possible way of losing money…….how much 'expertise' does it take to run a fucking monopoly…it's not like you have to be smart and create capital. How the 'home of nepotism'… Read more »

Devore
Devore
9 years ago

@space889: Don't confuse asking prices with actual rents. If you look like a good tenant, you'll be offered discounts ($100+) without even asking for it, for a 1 year lease. Second, there are still lots of furnished outfits living in fantasy land. Hint, olympics are over, time to take down the ads. Also, the furnished places are targeted to the short term stay business crowd, I don't know how successful they are, obviously not very if they're advertising on Craigslist to the huddled masses. Third, there always has been a bit of a shortage of 2+ bedroom places in downtown due to the space premium, but they are out there. Just a handful of years ago I was renting a very nice two bedroom (because it was all I could find in January) in one of the Pallisades towers for… Read more »

Best place on meth
Best place on meth
9 years ago

@NO – LYMPICS: An Irishman, Jew, and a Greek are standing at the Pearly Gates. St. Peter walks up and says "Guys it's been a real bad day, I'm beat and just want to take a break. Tell you what. If you each agree to give up your favorite vice, I'll send you all back." The three guys agree. The Irishman gives up drink, the Jew money, the Greek sex. In a flash they're back on the street outside a bar. The Jew and the Greek decide to go in and have a drink to their good fortune. As usual one drink leads to another. The Irishman decides to go in and join his friends. As the hours pass poor old Patty gets thirstier and thirstier. "What the hell" says Patty, "St Peter is probably asleep by now, one drink… Read more »

paulb.
paulb.
9 years ago

New Listings 111

Price Changes 88

Sold Listings 148

Bull day! Wow, still juice in this market…but not much longer i'm sure…pretty sure 😉

Ex-Bear
Ex-Bear
9 years ago

I once saw Scullboy's balls floating down the Fraser.

Best place on meth
Best place on meth
9 years ago

@Ex-Bear:

If your wife makes you blow $800K on a shack, you have no balls.