As expected by faithful readers of this blog, Mayor Gregor Robertson announced today that he is forming an advisory committee from the development industry to help the city during the completion phase of the Olympic village.
They’ll be looking at possibilities for trimming costs over the next nine months. Yes, nine months until this baby is due. Which means you know what is happening right now. We’re getting (the act that leads to conception). But I digress.
Anyway, the chair of that new advisory group will be Ward McAllister of McAllister Ledingham, a former president of the Urban Development Institute and a guy who is now going through his fifth economic downturn since he started in the development industry.
The village’s construction costs have been estimated at about $500 a square foot, which with the price of land, soft costs and interests making up another $500 a square foot, which means those condos have to sell at $1,000 a SF just to break even.
Here’s the official release:
Mayor Robertson strikes Olympic Village advisory group
Mayor Gregor Robertson today announced an advisory group comprised of development-sector experts who will advise the City of Vancouver during the upcoming completion phase of the Olympic Village project. Vancouver City Council unanimously supported the formation of this group and its members at today’s regularly scheduled Council meeting.
The Mayor’s Advisory Group on the Olympic Village (MAGOV) will provide first-hand residential and commercial development knowledge and expertise to the City to help ensure a successful completion of the Olympic Village.
MAGOV will provide advice and assistance to help:
ensure the timely completion and marketing of a high quality project, maximizing the value of a successful 2010 Olympic and Paralympic Winter Games;
protect the City of Vancouver’s investment and mitigate taxpayer exposure incurred through the completion of the Vancouver Olympic Village project; and
enhance the well-earned international reputation of the City of Vancouver and its development industry.
“This advisory group will bring valuable expertise and insight as we move forward with the completion of the Olympic Village,” said Mayor Robertson. “We are committed to completing the project on time, as well as acting in the best interests of Vancouver taxpayers. The advisory group will help the City achieve these goals.”
Mayor Robertson will draw on the expertise of 10 volunteer members over the coming months to provide advice on the Olympic Village project. Members of MAGOV are:
Ward S. McAllister, president and CEO, Ledingham McAllister Properties Ltd. (Chair)
Maureen Enser, executive director, Urban Development Institute
Andrew Grant, president PCI Development Corp.
Rob Macdonald, principal, Macdonald Development Corp.
John Mackay, president, Strand Properties Corp.
Eric Martin, vice president, development, Bosa Development
David Negrin, president, Aquilini Development
David Podmore, president and CEO, Concert Properties Ltd.
Al Poettcker, president and CEO, UBC Properties Trust
Peeter Wesik, chairman and owner, WesGroup Income Properties
“On behalf of all 10 volunteer members, we are proud to donate our time and share our expertise to ensure a successful completion of the Olympic Village project,” said Maureen Enser, executive director of the Urban Development Institute (UDI). “Vancouver is a world-class city, and the Olympic Village will be a world-class waterfront and sustainable development. We’re happy to help make that a reality.”