It’s been about a year since I did a quick “stress test” on the Millennium Water Village at False Creek development in terms of recouping a loan by liquidation of Millennium’s assets. Well now NPA mayoral candidate Suzanne Anton would like an update on how things are going:
NPA Candidate for Mayor Suzanne Anton is calling on City Hall to release information on sales, social housing and the overall financial position of the Olympic Village project.“The Olympic Village at Southeast False Creek has been an ongoing financial concern for Vancouver residents,” says Anton. “And Mayor Robertson promised during the last election to be open and transparent on this. They need to report on the village by November 1.”A receiver was appointed to oversee the development in November 2010. Anton says the last financial reporting by the city was in April 2011. She believes a report would be of great interest to voters at this point.
And a response from Ballem:
Market (For Sale) Condominiums
Total sales: 427 sold out of 737 market units (60% sold)
Sales since February 2011 launch: 164 (164 units over 156 days – just over one per day) to mid September 2011
Total rented: 26 market units have been rented
Total market units occupied: 453 out of 737 units (62% occupied)
Market Rental Units
Total rented: 119 out of 119 rental units (100% rented)
Commercial Spaces
TD Bank and Legacy Liquor Store open
Terra Breads: successfully opened Saturday, Sept. 24, 2011
Laundry/Drycleaning Store: tenant improvements under way with anticipated opening by end of year
Urban Fare: scheduled to open in June 2012 but they are attempting to open in May 2012
London Drugs: anticipated to open by end of May 2012
City Owned Commercial Spaces
Creekside Community Centre – Village Kitchen Restaurant scheduled to open in the spring of 2012
Salt Building: City is in negotiations to finalize long term tenancy – in the meantime, the Salt Building is being used for short term tenancies
Affordable Housing
The two City buildings (on Parcels 5 and 9) – both 100% occupied (total of 168 units)
Co-op (Parcel 2) – ~80% occupied (66 of 84 units)
Overall occupancy of the Village is 73%
I think it would be good to get an update on the finances, not just occupancy, as well. As of a year ago, the City had a $530 Million loan, never mind the land value. As this project has progressed things have become rather confusing. I’m hoping the illustrious City managers can clarify the situation, in the interests of “great interest”. I’ll do my best to wade through the accounting but it’s not looking good. There are still 284 units to be sold, it seems and a few plots have been reserved for a cooperative and rental units. For the sake of City taxpayers, let’s hope the greater fool bin hasn’t been bled dry.
