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

Property Highlights

  • In the course of the project the previous opposition Political Party (Subsequent PP) had won control of City Hall and had to manage the conversion of the Olympic Village facilities with different ideas such as "Affordable Housing".
  • Serious delays occurred, and misjudgments and changes ended up costing the project and, ultimately, Vancouver taxpayers well over $100 million. That is because at the end of the day Vancouver only got $70 million of the $170 million still owed on the original sale of the city-owned land.
  • The upfront foul-ups were bad enough, but the final financial coup de grāce came from the new Mayor. His propaganda team decided that the key to winning the next Vancouver civic election of 2008 was to blame the Olympic Village financial mess entirely on their political opponents. This tactic was really a distortion of the facts but it made for very effective politics.
  • The mayor called the project a "train wreck" and a multitude of other negative adjectives that put a massive black-death stigmatization on the remaining assets.
  • Anyone would realize that these dangerous comments, made at every political opportunity, would drive down both the value of the assets and the ultimate recovery for taxpayers.
  • Initially, the condominiums were not popular because of advanced architectural ideas and many units remained empty for an extended period.
  • However, today (2016) the Village appears to be finally thriving.
Project Development Highlights  Project Development Highlights

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