Vancouver Olympic Village Faces Cost Challenges

One of the latest victims of the US financial mess seems to be the Olympic Athletes’ Village for the Vancouver Olympic and Paralympic Games. The original invester, a US hedge fund named Fortress stopped payments on the construction loan in September, saying that the developer might not be able to repay them in a less robust real estate market. Since then, the city of Vancouver has been picking up the tab–to the tune of $82 million.

Now that the designated city funds have been nearly exhausted, Vancouver is seeking a loan from the Province of British Columbia in a deal that will include Fortress and Millennium, the developer.

^{(photo courtesy of Vancouver 2010)}