SE False Creek Olympic Village Over Budget

The Millenium Development Corp's Olympic Village project is facing some serious cost overruns, it seems. Rumours have it the project is already $60 million overbudget, and everyone's wondering who'll be on the hook.

Apparently the city could be responsible for covering the cost, though nobody's certain and council is not talking at the moment.

I remember the developer's circle and the media going nuts a few years ago when Millenium paid a record-breaking $200 per square foot for the development. Here's the original city report.

Update (Oct.9): The word is that city taxpayers will not be on the hook for the overrun costs, though the discussions between the city and Millenium are mostly in secret. Both parties are saying the city will not be responsible, however.