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
- 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
- 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.