Mellinium Water Vancouver's Olympic Village - Trouble Ahead?
As the credit crisis south of the border begins to creep north, concerns are mounting over the impact it may already be having on construction of the athletes' village for the 2010 Winter Games.
Last week, members of Vancouver's city council held an emergency, in-camera meeting to get an update on the project. Much of the discussion revolved around the city's obligation in the event the developer, Millennium Development Corp., can't meet demands from the bank because of massive cost overruns, according to sources briefed on the meeting.
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Another article in the Vancouver Sun "2010 Games in Crisis" raised concerns that B.C. taxpayers could be on the hook for about $1.5 billion.
Just a week ago, Denis Du Bios on October 03, 2008 published in Energy Priorities a glowing report "Vancouver 2010 Olympic Village" as a model for urban sustainability.
This South East Fales Creek land - once a mishmash of shipyards, sawmills and municipal incinerators had many past controversies. NANCY MACDONALD at Maclean's Magazine published on November 19, 2007 "New Condo Will Double as Vancouver's 2010 Olympic Village" gave an account on the project when the condos were released for sale in October 2007.
For more information on Millennium Water Condos, kindly contact James Wong at 604-721-4817 or email me.
We never expected this downturn Before the Olympics.....we thought it would clear sailing until after..........and yet look whats happening...hmmm
The turmiols in the world financial markets and the huge losses due to the Candaian's stock market crash are difinitely affecting buyer psychology. Most buyers will not take the risk of buying now as they expect prices to come down. People are following the media and they are waiting to see how the housing market will turn out. Many people are expecting the market to be worse off after the Olympic.
Happy Easter! If you ever have someone looking down in Arizona, please don't hesitate to send them my way! Happy to give referrals!
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John Hall & Associates
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