VANCOUVER, Feb. 10 /CNW/ - Court-appointed Receiver Ernst & Young Inc.
has issued its first report to the Court detailing plans for the former
Olympic Village, where 474 residential condominiums remain unsold and
most of the commercial space remains vacant.
The Receiver will launch a sales campaign for 230 condos late next week,
at prices much reduced from the levels offered last year. Most of the
more expensive units in the development will not be brought onto the
market at this time, to allow prices to stabilize and increase for
The development has been re-branded as "The Village on False Creek".
"This is a good news story for the development," said Kevin Brennan,
Senior Vice-President of Ernst & Young Inc. "We have spent a lot of
time and involved a number of parties to arrive at competitive pricing
for the units that will be offered for sale in this phase. We know
there is a lot of pent up demand for these units, which have an
unparalleled setting and LEED Gold status. The pricing just needs to
One of the Receiver's primary considerations with the marketing campaign
is to maximize the equity of existing owners in their condominium by
offering the residential condominium units for sale in an orderly
fashion and at market pricing.
The Receiver has also made arrangements to reduce the cost of owning at
The Village by eliminating some major costs that the existing and
future owners would otherwise have to bear. The reductions amount to 14
to 17% of the current costs being incurred by the strata corporations.
"Our first priority is to accelerate the population of the Village and
put the ghost town stigma to rest," said Brennan. "To help do that, in
addition to the sales launch we are implementing a rental program with
some of the lower priced units in The Village. The combined effect of
these two strategies will attract the commercial tenants that are
currently lacking at street level."
The housing units owned by the City are also being rented and that
process is expected to be largely completed within a few months.
The Receiver expects that the combination of competitive prices (to be
revealed February 17, 2011), reduced strata costs and the increased
population in the development will animate the Village on False Creek
and will help the project turn the corner to become the socially
diversified community that many envisioned when the project was first
SOURCE The Village on False Creek
For further information:
The Receiver's report is available on-line at www.ey.com/ca/msfcp. The Receiver hotline is 604-648-3662