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The court-appointed receiver of Vancouver's Olympic Village development has slashed prices and renamed parts of the project in preparation for a new sales campaign.

It is now "The Village on False Creek" to differentiate it from other projects not on the waterfront, according to an Ernst & Young report filed in court today (February 10).

The commercial area has been renamed "The Shops at The Village", and the recreational facility is called the "Gold Medal Club".

The court filing states that only 230 of the 474 unsold residential condo units will be put on the market for the campaign, which is being launched this month by Rennie Marketing Systems.

Many of the more expensive unsold homes will be held back. There are 1,108 residential units in the entire project, including 252 owned by the City of Vancouver.

"All unit prices have been reduced, in most cases substantially, from the prices offered in 2010," the document states. "Details on the new pricing will be announced in mid-February as part of the public launch of the marketing campaign."

There are 119 rental units in the village. Ernst & Young has declared that an additional 127 unsold units will be added to the rental stock to increase the occupancy level in the neighbourhood.

The receiver noted that the overall occupancy rate will have an impact on when London Drugs and Urban Fare open stores in the area.

The document also reveals that 14 to 17 percent of strata fees at The Village on False Creek are linked to two costs: the lease of energy-monitoring units in each home and the repayment of a mortgage on the amenties facility.

Ernst & Young has decided to borrow $7 million to eliminate those expenses.

"The Receiver has been very active in identifying and scheduling the correction of cosmetic construction deficiencies in units, both sold and available for sale, and in the common areas of the building," the document adds. "There are a number of units in which cosmetic construction deficiencies remain to be corrected, and the Receiver is placing a high priority on having those addressed."