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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
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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.
2. Notes by
Email 10/1/14
3. See https://en.wikipedia.org/wiki/2010_Olympic_Village
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The
Project Concept
