We apologize for the lack of notice in closing our doors, but we anticipated that our lease problems with our landlord would be resolved by now. Our lease had come up for renewal in February, 2006 which would allow us to stay at 212 West 1st Avenue until 2016 with out the opportunity to redevelop the property until 2016. In negotiating the renewal of the lease our Landlord refused to renew Olympic as per the original agreement (additional 10 year term) but instead, would only offer us a short term of 5 years with a demolition clause which would enable him to give us a few months notice to vacate the premises, should the opportunity to build come sooner than the 5 year term .   We decided that we could accept this offer, only if the lease rates could be reviewed and priced at a reasonable monthly rate. 

As it stood on June 15, 2006, we were in a month to month roll over from our previous lease, which enabled our landlord to charge an additional $10,000 per month on top of the $40,000 base rent we've been paying.  Obviously, this was a desireable situation for him to be in and deterred him from resigning a lease with us, when he could be collecting additional funds indefinitely.  Unfortunately, we were unable to continue under these terms, and so on June 15, 2006, we made the difficult decision of forcing him to come to the table by with holding the June rent (Due on June 15) until he made a decision on renewing.  Regrettably, his reponse on June 16 was to close the doors of Olympic. 

We apologize for the abrupt notice and have transferred your membership to Fitxpress Fitness Centre at 1615 East 1st Ave. Please refer to Membership web page for more info.

We would like to take this opportunity to send out a sincere thank you to all our members for your patronage since 1973.

OAC Management