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
According to reporter's observations at the time:
- The city was forced to effectively take over the financially plagued Olympic
- Realtors working on the project estimated that the Mayor's negative comments
reduced its value by $50 million to $70 million.
- Receivers had to be brought in, which sent further danger signals, and harmed
the project's value even further.
- The marketing agent then had to spend millions upon millions of what would
end up being taxpayer dollars rebranding the project for the third time.
- Prices of condos were heavily discounted and many very smart investors got
to pick up suites for a song, later flipping them for up to a $500,000 profit,
all courtesy of the Vancouver taxpayer.
- Receiver fees, interest charges on the debt and marketing fees went off the
Richter scale because it took so long to sell the suites.