Vancouver Mayor Gregor Robertson said the move had to be made to salvage the city’s investment.
From the CBC:
City officials say they intend to halt plans to rent out the units and sell them instead. Officials say they are still owed $758 million for the failed Olympic Village project built by Millennium, and once they sell off all the units, they still expect to lose $40 million to $50 million in the deal.
The city also says that the lawsuit by current owners over complaints of poor heating and leaking sewage at the Olympic Village are ‘bogus’.