The developer behind Vancouver's Olympic Village is $8 million behind on loan payments, the city announced Thursday.
The city is now asking for Millennium Development to come up with a plan to make up for the dollars missing from a scheduled $200-million September payment.
"The city is the lender, Millenium is the developer, and it is up to them to market and sell the units," Mayor Gregor Robertson said.
Another $75-million payment is due in January.
In a statement Thursday, Millennium said that it is in active negotiations with the city about the loan payments.
"In the weeks to come, we will continue to work tirelessly with the City to develop a mutually acceptable plan that protects the value of the asset for all stakeholders."
The upscale development has struggled to find buyers since the Games ended, despite 223 presales in 2008.
Only 36 more have sold since the completed units hit the market in May -- and all of those sold in the first month. That leaves 454 condos without a buyer.
Of those units that have sold, only 28 per cent are priced at more than $2 million, while 48 per cent cost less than $1 million. Suites in the development are priced as high as $6 million.
City to take over social housing
Vancouver Mayor Gregor Robertson also announced on Thursday that the city will manage the 252 units of social housing in the Olympic Village.
"The affordable housing units are built, we own them, and they are ready to be occupied," he said. "We know there is huge demand for affordable housing and we'll be moving as quickly as possible to get people into those homes."
The provincial government has already rejected the only three bids from non-profit groups to run the low-cost housing.
