Olympic Village three years later, by the numbers: a much improved picture

Almost three years to the day since Sam Sullivan’s NPA council voted in camera to bail out Millennium’s Olympic Village project, city council has received a brief update on the receiver’s work to recover the city’s investment.

(Moody’s was so impressed with progress in resolving the financial issues related to the Olympic Village that it upgraded the city’s credit rating last spring in the wake of a May report by the receiver.)

Here are the numbers in terms of unit sales:

Market (For Sale) Condominiums

  • Total sales: 427 sold out of 737 market units (60%  sold)
  • Sales since February 2011 launch: 164 (164 units over 156 days – just over one per day) to mid September 2011
  • Total rented: 26 market units have been rented
  • Total market units occupied: 453 out of 737 units (62% occupied)

Market Rental Units

  • Total rented:  119 out of 119 rental units (100% rented)

Commercial Spaces

  • TD Bank and Legacy Liquor Store open
  • Terra Breads: successfully opened  Saturday, Sept. 24, 2011
  • Laundry/Drycleaning Store:  tenant improvements under way with anticipated opening by end of year
  • Urban Fare:  scheduled to open in June 2012 but they are attempting to open  in May 2012
  • London Drugs:  anticipated to open by end of May 2012

City Owned Commercial Spaces

  • Creekside Community Centre – Village Kitchen Restaurant scheduled to open in the spring of 2012
  • Salt Building: City is in negotiations to finalize long term tenancy – in the meantime, the Salt Building is being used for short term tenancies

Affordable Housing

  • The two City buildings (on Parcels 5 and 9) – both 100% occupied (total of 168 units)
  • Co-op (Parcel 2) – ~80% occupied (66 of 84 units)

Overall occupancy of the Village is 73%