Note: The Issues for Discussion at the end of this case study may require research on the Internet. The sums of money mentioned are approximate, generally as reported in the media at the time.
Published here December 2016

The Project Concept | Project Development Highlights | Property Highlights
Sales Highlights | Project Financials | Case Study Assignments

Project Development Highlights

  • The Olympic Village project called for over a thousand units, ranging over a million square feet that would accommodate over 2,800 athletes, coaches, and officials for the 2010 Winter Olympics.
  • The City awarded the Olympic Village project to Millennium Southeast False Creek Properties Ltd. (FCPL), who became the original developer.
  • To begin with, the project got off to a significantly delayed start during the period when the Original PP controlled City Hall in 2002 to 2005.[2] Preparation and construction of the site in Vancouver began in February 2006.
  • It then emerged that the City had saddled the developer with a contaminated site that took months to clean up.
  • Following this the Original PP demanded every possible change they could dream up to the project's design. Nevertheless, construction was completed on 1 November 2009.
  • The project was then turned over to the Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games (VANOC) for use during the Winter Games.[3]
  • After the games, the development was returned to the City of Vancouver on 7 April 2010 following which the Olympic Village was converted into residential housing, a community centre, daycare, retail, and service spaces.
  • As a result of the rise in costs, the City had a funding crisis and had to seek special legislation to be able to raise the money required to meet the looming budget overruns.
  • Due to the City's funding crisis, and consequent late payments to FCPL, FCPL was forced into bankruptcy.
The Project Concept  The Project Concept

2. Notes by Email 10/1/14
3. See
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