The Province building, its home from 1923 to 1960, put up for sale

A venerable piece of Vancouver's skyline is being sold by the city to pay down Olympic Village debt.

The Province building, where the newspaper was produced from 1923 until 1960, is for sale.

Patrick Murphy, Vancouver's property development officer, said on Monday that the city acquired the building from Millennium Properties as a consequence of bailing out Millennium's troubled village project in 2010.

"The city is liquefying its assets to pay back the Olympic Village," Murphy said.

As of October, the debt was $446 million, which will be reduced by future sales of remaining units. Some $170 million is still owed on the city-owned land.

Vision Vancouver Coun. Raymond Louie, chairman of the finance committee, hopes the building's sale will generate more than $10 million. The funds will be applied against village debt.