In the last year, 84 units were sold at the Olympic Village, according to the fourth report by receiver Ernst & Young to the BC Supreme Court.
E&Y was appointed November 17, 2010, after developer Millennium defaulted on $740 million owing to the City of Vancouver, which took over the project and refinanced it in 2009 to ensure it was ready for the 2010 Winter Olympics.
E&Y reported selling 339 units at what is now known as the Village on False Creek for $331 million since being appointed receiver. At the end of May, 135 units remained for sale.
"To date, the receiver has distributed $250 million to the lender in reduction of its loan to (Southeast False Creek)," said the report. "The majority of the units sold since the Third Report were in Canada House and Parcel 6 (Shoreline), which was released in May 2012."
E&Y has charged $5.65 million in professional adviser fees since November 2010, including $1.5 million from January 27, 2012 to January 31, 2013. Other costs included:
- $7.8 million in commissions for Rennie Marketing Systems;
- $4.72 million for advertising, promotion and rebranding;
- $3.3 million for outside broker commissions; and
- $1.2 million for legal fees.
The report forecast "a steady sales pace" for the rest of 2013. "However, due to the remaining mix of inventory, the sales pace is expected to be slower than in recent years."
Compass, in Parcel 5, sold its remaining five units, making it the first "sold out" market strata building at the $1.1 billion, 1,108-unit complex.
The report said overall occupancy exceeds 90%, based on both completed and unconditional sales and the rental programs.
Interior, exterior and heating and plumbing deficiencies have cost $16.7 million to fix. Deficiencies in the 263 units sold prior to receivership have been fully remediated and repair crews have been reduced, because reports of deficiencies have diminished.
The report seeks court approval for the $41.5 million sale to an undisclosed party, as agreed April 2, 2013, for market rental buildings at 103-133 Walter Hardwick, 155-189 Walter Hardwick and 63-75 W. 1st.
The sale of the Shops at the Village is also being negotiated.
Since the last report, commercial tenants that opened included Urban Fare (June 2012), Subway (July 2012), London Drugs (August 2012), Dr. Shahdad Ayoughi's medical/dental practice (December 2012) and Bone and Bowl (December 2012).
In its annual financial report, the city-held debt for the Village had been reduced from $434 million in 2011 to $295 million in 2012. In April 2011, the city disclosed it took a $48 million writedown on the asset. Millennium paid a $29 million deposit, but not the remaining $170 million for the land.
As of April 24, 22 of 32 properties transferred to the city from Millennium sold for a gross $34.86 million. The net proceeds, after deducting existing mortgage payouts and closing costs, were $26.04 million. Another seven properties are under contract, leaving three unsold properties assessed at $18.82 million.