BuzzBuzzHome Corp.
February 24, 2011

As Vancouver struggles with the legacy of their Olympic Village, the world’s attention has already turned to the host of the next Games: London, England.

The summer games in London will get underway on July 27th, 2012, and, as you’d imagine, construction is already well underway on their mammoth Olympic Village. Their Village which will try to turn a trick similar to that of Vancouver’s – that is, turn an under-used industrial area (the Stratford neighbourhood in east London) into a desirable residential neighbourhood.

According to Organizing Committee documents, the total budget of the Olympic Village is £1.1 billion. That – um, significant – chunk of change will pay for 2,818 apartments, all of which will be introduced to the open market following the Olympic and Paralympic Games. Of the total number, 1,379 units will be reserved for affordable housing.

Already though, the London Village has had at least one major problem familiar to Vancouverites: After the 2008 recession the government announced that the Village would be fully paid for by public funds. The original plan envisaged that the project would be fully financed by private funds – Ahh. . . the dreamy days of pre-2008.

The Olympic Village in progress

A return on the public’s investment now depends on how many suites are sold after the Games are over. And that’s where Vancouver’s current trouble must furrow the brows of London organizers.

But differences between the two projects do exist. Most importantly, the Vancouver Village suites were designed to be decidedly up-market whereas the London Village looks as if it will better mix luxury and affordable housing.

An interesting story to be sure, and one that we at BuzzBuzzHome look forward to following!

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