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City refuses to agree to lower prices for Oly village condos until developer shows assets

November 4th, 2010 · 15 Comments

The latest here.

Plans for selling the Olympic village’s 480 empty condos have ground to a halt because the City of Vancouver is refusing to approve a new marketing plan with drastically reduced prices until the developer proves it can make up the $100-million to $200-million loss that could result.

“They need to have a satisfactory plan for how they will meet their obligations,” Vancouver city manager Penny Ballem confirmed this week. “Until that is satisfied, we can’t go forward.”

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