It will offer accommodation for up to 3,000 athletes and officials for the Olympics and athletes and officials for the Paralympics.
After the Games the village will become resident restricted housing.
Planners are still working on the concept, but currently it is expected that housing will be offered at a range of prices so that more expensive properties can subsidize those at the lower end.
Whistler is projecting that it will cost $240/square foot to build the village. Total cost could be around the $180 million mark.
VANOC is contributing $26 million toward the project. It is also putting $13 to $14 million toward the construction of an athletes centre, a place competing and training athletes can stay while in Whistler.
Another $6.5 million is going toward First Nations housing. That can either be rented out by First Nations partners, or the value can be transferred to housing elsewhere.
The Whistler 2020 Development Corporation, which was formed to deliver the village, also hopes to apply to the province and the federal government for funds to help with the construction of the affordable housing.
The area is part of the 300-acre land bank given to Whistler by the provincial government as a co-host of the Games.
Only about 123 acres of the area in the Lower Cheakamus is developable. A core commercial area will most likely sit just north of the existing landfill and include a convenience store, neighbourhood pub and small bistro.
With sustainability top of mind planners have created a neighbourhood concept where residents will be able to walk to the core via trails without having to cross any roads. The main road to the neighbourhood will be a ring road surrounding the subdivision with smaller access roads leading into clusters of housing.
The master plan envisions 71 single family homes, 71 duplex, 71 four-bedroom townhouses, 71 three-bedroom townhouses, 142 two-bedroom townhouses, and 47- one-bedroom/studio apartments. The area could contain twice this many units if fully developed.