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Olympic village developers back in the game with new purchase

January 20th, 2012 · 18 Comments

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 after their Olympic Village development was placed in receivership and less than a year after the city took all their known commercial assets, 32 properties in five municipalities with a net value of $45 million.

(It’s also after they had their interests in the Evelyn Drive property in West Vancouver and the Alexandra development on Bidwell taken over by others.)

Some see it as a sign of resilience in a long-standing company that has produced good work. Others are somewhat startled.



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