The Vancouver Olympic Village development has officially been paid off, with the remaining condominium units sold to Vancouver-based Aquilini Group (AG) for $91 million. In addition to paying down the $630 million debt, the city also recovered an additional $70 million.

This concludes the city’s involvement in the Olympic Village project.

“The city has shown sound business-like leadership that has made the Olympic Village project an attractive investment and we’re pleased to be investing in such a great neighbourhood,” says Francesco Aquilini, managing director of the Aquilini Group. “Mayor Robertson and Vancouver city council have helped finance a vibrant community that is now one of the most popular places to live in Vancouver.”

Ernst & Young took over the strategic sale and management of the Village in November 2010, including the leasing and occupancy strategy for the Village’s commercial space, from Rennie Marketing Systems. The commercial space in the Village is 100 per cent occupied, while 94 per cent of the condos are occupied.

The Aquilini Group owns the Vancouver Canucks and is a major Vancouver property developer. The company is currently building several rental high-rises around Rogers Arena.

The Village, which was designed and developed by the Millennium Development Group, is North America’s first LEED Platinum community. The Village comprises temporary structures and 10 to 20 permanent mixed-use buildings with approximately 1,100 condo units.