There’s been much buzz in the development world about the news that Peter and Shahram Malek recently bought the property at 1550 East Hastings for almost $5 million, with what would appear to be a plan to develop it for condos. As my Globe story notes, this is just a little more than a year […]
Olympic village developers back in the game with new purchase
January 20th, 2012 · 18 Comments
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News today: Foreclosure on Millennium’s West Van development; shelter opens; the other Robertson blasts park board
November 26th, 2010 · 71 Comments
Quick links to news today. – The lenders for Millennium Development’s Evelyn Drive project have gone to court to start foreclosure proceedings, according to the CBC. A real blow for Millennium, even more than the village receivership in a way. It came the morning after Bob Rennie praised them for all the work they’d done […]
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A squeaker on whether Olympic village condos will sell for enough to save us from debt
February 22nd, 2010 · 15 Comments
Oh, surely with all these wonderful pictures of Vancouver being beamed around the world 24/7, we can rest assured that those Olympic village condos will sell for top prices and ensure that the Malek brothers/Millennium Developments will pay back all the money the city loaned them. Don’t be celebrating too quickly. Even the city’s chief […]
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City and Millennium quietly dicker over interest rate on loan
May 19th, 2009 · 6 Comments
A recent city report (and subsequent media stories) made it sound like the financing was all settled for the Olympic village, after a lot of confusion for a while. But buried in the report was a line indicating that one important part hasn’t been settled — the interest rate that Millennium will pay on the […]
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Olympic deal?
February 12th, 2009 · 2 Comments
The Globe’s Gary Mason has a story today about the city getting close to coming to a deal with Fortress, the lender on the Olympic village project, to take over the financing. It’s not a completely done deal yet, of course, since Fortress’s syndicate partners have to agree to this too and the city still […]
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Who will replace Jody Andrews? That’s the next question
January 18th, 2009 · 18 Comments
Okay, now we have Penny Ballem locked in a room with Fortress trying to come to a deal on the financing. Next, the mayor and Penny have to figure out who is going to take Jody’s place. As I wrote for the Globe, the deputy city manager’s role in dealing with development projects is critical. […]
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Olympic project manager felt sidelined, hobbled
January 16th, 2009 · 7 Comments
Sources in city hall tell me that Olympic project manager Jody Andrews tendered his resignation today, effective immediately, after several weeks of being stripped of responsibilities and pretty much ordered not to talk to the public/media about the village. The relatively young 40-something Andrews, who has worked at the city for 18 years, was put […]
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One taxpayer’s suggestion for the Olympic village
January 12th, 2009 · 15 Comments
Should be lots of fun today, with a public council meeting scheduled for 2 at city hall on the Olympic village. I’m sure Suzanne Anton is practicing her punches right now, with coaches on all sides. If I’m not mistaken, it will be available to watch on the city’s website, so all of you who […]
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Olympic village: The cost of green design + why Millennium was chosen
January 11th, 2009 · 5 Comments
As people post their comments, it reminds to add other little bits and pieces of information that I know. 1. Michael Geller wondered how much the city’s standards for environmental design added to the project. General manager Hank Jasper told me, when I had my tour of this site this week, that his estimate was […]
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Judy Rogers’ memo on financing + the Villagegate PR firm + more
January 10th, 2009 · 9 Comments
Oh, I couldn’t resist. A few more bits and pieces. 1.The story travelling around city hall currently is that the memo from city manager Judy Rogers that laid out the original plan to provide guarantees ($193-million loan guarantee and completion guarantee) for Millennium’s Fortress loan started off with the line: “This is a good-news story.” […]
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