The City of Vancouver says it paid off the entire $630 million debt for the troubled Olympic Village project after selling 67 remaining condominium units for $91 million to the owners of the Vancouver Canucks.

Mayor Gregor Robertson told reporters Monday the Aquilini Group’s purchase of the condos ends the city’s involvement in the project that he once referred to as a $1.1-billion boondoggle.

“It’s a very good day for the City of Vancouver, in particular for city taxpayers,” said Robertson at a press conference at city hall. “Today, I’m thrilled to announce that we at city hall here have delivered gold for the taxpayers on our Olympic Village.”

Though the mayor framed the news as an Olympic-sized achievement, a later briefing by city manager Penny Ballem revealed the original revenue projections for the $1.1-billion project fell short by $130 million.

Originally, developer Millennium Properties Ltd. agreed in a 2006 deal with the city to pay $200 million for the land. The city only received $70 million.

Read more: http://www.vancourier.com/news/updated-city-of-vancouver-sells-final-stake-in-olympic-village-1.1005787

‘Le Magasin’ Building in Gastown has sold for $8,495,000 or $405 per SF to Robert Fung of the Salient Group.

The 21,000 building is in a great location on the South side of Water Street near the entrance of Gastown and has two-storeys plus a basement. It was built in 1911 and has been renovated since.

The owners of a site located at 3120-3184 Knight Street (at East 15th Ave) are seeking final approval at public hearing next week for a rezoning from RT-2 to CD-1 District to permit the development of a five-storey residential building with 51 market rental units.

Currently, three rental apartment buildings, built in the 1950s, exist on the site. The buildings are three storeys in height and contain a total of nine rental units. The location of the development, on an arterial street and within 500 metres of an identified local shopping area (Commercial Drive and East 16th Avenue), qualifies the site to be considered, under the policy, for a building of up to six storeys in height.

Existing site

The application was made last year under the Affordable Housing Choices Interim Rezoning Policy (IRP), and in accordance with that policy, the application seeks increased height and density in return for all proposed housing units being secured as for-profit affordable rental housing for the longer of the life of the building and 60 years. The rezoning, if approved, would result in an increase of rental units on this site of over 400% — from the existing 9 units to 51 units.