First Receiver's report from Ernst & Young reveals plans for Vancouver's former Olympic Village

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 these units.

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 match."

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 conceived.

on February 10, 2011