April 12, 2011
The Globe and Mail is reporting this morning that by its count the Olympic Village project (now known as a condominium community called the Village on False Creek) has thus far cost taxpayers at least $230 million – a cost that will rise if the 340 or so remaining condos aren’t promptly sold.
The figure arrived at by the Globe includes the $40-$50 million that the City of Vancouver expects to lose on the Olympic Village project itself and $180 million that the now-defunct Millennium Development Corp owed Vancouverites for the land it purchased.
It doesn’t include strata fees accruing on rental units that are unoccupied nor does it include any applicable interest charges or fees due to the receiver that is managing the project.
Gary Mason, the Vancouver-based columnist, wrote this morning that he wouldn’t be surprised if the total Olympic Village-related losses pushed towards $300 million.
“There’s no way to sugar-coat this debacle,” he wrote. “So why even try?”
Its a bummer, there’s no two ways about it – but at least we’ll always have Crosby’s golden goal. . .