Will taxpayers be on the hook for Bob Rennie’s Millennium Water marketing fees?
For all the chatter about secret memos, sustainable design and hedge fund financing, nobody’s talking much about Rennie. His absence from the Olympic Village discussion is odd. Rennie is the the project marketer. Every sale goes through his company.
Now that the city is funding the development, it’s unclear if Rennie’s estimated $50,000-per-unit payday will apply to future sales. From what I can tell, there’s no reason to believe it won’t. Despite the bailout, Millennium is expected to remain on the books as the developer in order to preserve existing pre-sales.
To date, Rennie has pre-sold 265 “lower-value” units. The big mystery is the remaining 472. One can only imagine the public furor if the condo king collects fees when the units sell at a loss.