Private Car Condos Project in Pontiac Ready to Break Ground as Developers Close on 80-Acre Construction Site
- Aug 13, 2014
More than one year after Birmingham native and entrepreneur Brad Oleshansky announced plans to redevelop a vacant parcel in Pontiac, the project is now one step closer to becoming reality.
The construction site, an 80-acre property that was once used as a validation facility for General Motors and housed four plants, was recently acquired for an undisclosed price by Oleshansky, founder and CEO of M1 Concourse–the future auto-themed park that will be built on the northwest corner of South Boulevard and Woodward Avenue. According to a news release, the property was previously owned by Revitalizing Auto Communities Environmental Response (RACER) Trust which was created in May 2011 by the U.S. Bankruptcy Court in an effort to attract investors that would redevelop and reuse a list of properties owned by the former General Motors Corporation before it ran bankrupt five years ago.
Uniprop, a real estate development company based in Birmingham, made a significant equity investment in the project and will assist the M1 Concourse team with its expertise in real estate development, construction and finance.
The $40 million to $60 million M1 Concourse has already received preliminary approvals from Pontiac city officials. Designed as a both a private club and public destination in an area known for the large concentration of car enthusiasts, the project will include a community of 250 to 350 private garages—marketed as “car condos” —that will sell for $100,000 and more. Detroit Free Press reports that the garages will range in size from 600 to 1,200 square feet and will have a capacity of four to six cars.
In addition to the car condos, M1 Concourse will include a 40,000-square-foot events center, an amphitheater for outdoor concerts, auctions and car shows, 100,000 square feet of multi-tenant office space, a 7,000-square-foot private club house, and a 1.5-mile performance track. Phase 1 of the project, which is scheduled to break ground in the following weeks, could open for car enthusiasts in mid-2015, while the first private garages will be sold beginning September this year.
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Rendering via M1 Concourse Facebook page