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April 5, 2006Council chooses developer for Vancouver Olympic VillageLast night, Vancouver City Council chose a developer to design and construct the buildings for the first phase of the Southeast False Creek (SEFC) and Olympic Village sustainable development. The firm chosen, after a rigorous selection process that began eight months ago, is Vancouver-based Millennium Properties Limited. Millennium is a diversified real estate developer with 60 years of experience on local and international projects. For this project, Millennium leads a development team comprising 17 firms, including Merrick Architecture and GBL Architecture. Millennium will design and construct all of the buildings in the first phase of the project (Sub-area 2A of the SEFC site) to meet or exceed the high social, economic, and environmental sustainability standards set out in the City's SEFC Official Development Plan (ODP). Their proposal also provides training, employment, and business opportunities to inner-city and aboriginal communities. Millennium will pay the City $193 million for development sites in SEFC to build market housing, commercial space, choice-of-use space, and underground parking facilities. The developer will also design and manage construction of 250 units of affordable housing, a child care facility, community centre, non-motorized boating facility, and related underground parking facilities. The City will pay construction costs for these facilities plus a fee, which is roughly estimated to be $5 million. Millennium has also proposed a plan to create modest market housing for middle-income earners in the development, and will work with the City over the coming months to finalize its plans. The competitive selection process, which drew strong proposals from two other world-class teams led by Concord Pacific Limited and Wall Financial, will not be formally concluded until the necessary legal agreements have been signed with Millennium. City Council also instructed staff to report back, prior to the rezoning of Sub-area 2A, with an update on the financial analysis for the SEFC development. The report will present a revised budget for the development including both updated revenues and expenditures, in light of escalating construction costs in Vancouver. Full details on the SEFC project, and the evaluation process, can be found in a staff report, which is on the City's website at vancouver.ca/ctyclerk/cclerk/20060404/documents/a4.pdf Millennium will begin design work immediately. Site servicing work by the City's Project Office is already well underway, and is expected to be substantially completed by spring 2007. Construction of the buildings will begin shortly thereafter, and will be completed in time to be used as Vancouver's Olympic Village in 2010. Media enquiries: |
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© 2008, City of Vancouver |
