It is important to remember that the hotel was to be an integral part of and completed at the same time as part of the Convention Centre. This was later moved to its proposed site, expanded from 20 to 24 then 37 stories, many floors of condos included, and then because financung couldn't be arranged scaled back to 18 stories of hotel space only. As part of the enticement to get the American company Triarc, Canadian subsidiary Suro, and their Developer Millenium to build Council approved lands at Maffeo Sutton Park to be sold to the developer for roughly 9 million dollars so as to build a couple 24 storie condominiums. While the price of the land was fair the idea of butchering Maffeo Surron Park was not. Also the city agreed to purchase 150 parking spaces at #30,000 a pop, total 4.5million. Great for the developer bad for the taxpayers of Nanaimo. Anyway, Triarc and Millenium have missed so many deadlines and with Millenium needing a $100 million bailout by the City of Vancouver for its Olympic Village development, it has become less likely that the hotel for our convention centre will ever be built by Millenium.
Letter regarding a few recent stories in the paper
Show me the money! Millenniums' appearance before the Development Advisory Panel yesterday, November 6th, was a farce. They showed a hastily prepared rendering that completely ignored Downtown Development Guidelines and the character of the surrounding properties as well as at one point even touting that they would look to accessing Pipers Park and its redevelopment to meet their needs. The DAP did not approve moving forward the request for a development permit at this time, kudos to them.
Vancouver's City Council has apparently, in camera (ie.secretly), agreed to provide Millenium $100 million needed to complete the Olympic Village. Are we to expect the same from our council? When will Jeet Manhas admit that this is a sham and that council should pull out of this deal immediately as they justifiably can. When will the rest of Council do the same? I have to wonder just how much of the taxpayers money has been spent to keep this process going?
A special meeting of the current Council should be called and this project squashed. Don't leave this mess for a new council to deal with.
Hotel cash source secret
Panel rejects hotel plan
City officials stay silent on $100M loan for 2010 athletes' village
Local News Clip: