By Veronica Grecu, Associate Editor
M1 Concourse rendering – Pontiac MI
Remember two years ago when we reported on Brad Oleshansky’s vision to build a car condo complex on a vacant parcel formerly owned by General Motors in Pontiac? Hardcore car enthusiasts, rejoice! The M1 Concourse project is really happening and by spring next year you’ll be able to park your collectible car in a luxury garage not far from Detroit.
The 87.5-acre site was purchased by Oleshansky and his equity partner Uniprop from RACER, a trust specializing in marketing properties that used to be part of General Motors’ real estate portfolio before the company filed for bankruptcy in mid-2009.
Situated on the northwest corner of South Boulevard and Woodward Avenue, the former GM validation facility will be replaced by private car condos, a race track and additional amenities such as an auto-themed restaurant, showroom and office space.
The $60 million, multi-phase project finally kicked off this week, shortly after the Michigan Strategic Fund approved almost $8 million in local and school tax capture for the Oakland County brownfield Redevelopment Authority, the entity which applied for the incentive. As reported by Crain’s Detroit Business, 67 acres of concrete and asphalt along with sewers, foundations, lead and asbestos will be removed from the site in preparation for the new development.
Phase I calls for the construction of a 1.5-mile track for defensive-driving courses, vehicle testing, private-course driving and performance driving schools. The first 80 car condos will also be completed during this phase. According to the Detroit Free Press, the developer already has purchase agreements for all these private units, which started selling last year. The buyers—which hail from metro Detroit and represent about 400 vehicles from ultra-rare classic cars to super-expensive ones—paid between $110,000 for a two-car, 600-square-foot condo and $250,000 for a 1,200-square-foot unit that fits up to eight vehicles. All these car condos are climate-controlled, can double as entertainment space and feature private bathrooms.
M1 Concourse rendering of private car condos – Pontiac MI
Phase II of the project will continue with 57 more condos—some of which will be marketed as “jumbo units” with a price tag starting at $500,000—, while the last phase calls for an auto-themed restaurant, a clubhouse, outdoor exhibition space for car shows or auctions, a 40,000-square-foot event center, as well as auto-related retail shops. Once fully completed, M1 Concourse will have more than 325 car condos.
Renderings courtesy of M1 Concourse and JPRA Architects