According to CBC News on Monday, the owner of the Vancouver Canucks has assisted the city of Vancouver with some of the debt that resulted from the 2010 Olympic Winter Games in Vancouver. The Aquilini Group, which is led by Vancouver businessman Francesco Aquilini, has bought 67 condominiums for $91 million.
With the generous purchase, the city of Vancouver has finished paying off a $630 million loan. The units were home to 3,000 athletes during the 2010 Olympic Winter Games in Vancouver and the 2010 Paralympic Winter Games in Vancouver.
The city of Vancouver took control of the Olympic Village condominium project when the developer was experiencing economic challenges. By selling the units to Aquilini, the city of Vancouver will be able to spend $70 million on parks, roads, utilities and the construction of a new community centre in Vancouver.
The Aquilini Group meanwhile has owned the Canucks since 2006. The Canucks missed the Stanley Cup playoffs for the first time since 2008 this season and it will be interesting to see if they will start to go through a rebuilding process like their Canadian Pacific Division opponents, the Edmonton Oilers and Calgary Flames.
The Aquilini Group has been very busy in recent months. In November they purchased 670 acres of vineyard property in Washington State according to Wendy Stueck of the Globe and Mail, and in March according to the Vancity Buzz, bought the Toptable Restaurant Group.
The 2010 Olympic Winter Games in Vancouver were an outstanding success for Canada. The Canadian Olympic team won a Winter Olympic record 14 gold medals.
According to the International Olympic Committee, the 2010 Olympic Winter Games in Vancouver had significant benefits to the region of British Columbia. The Olympic Winter Games created a cultural legacy, tourism legacy, environmental sustainability, sports legacy, transportation legacy, economic legacy and housing legacy.