Car Condos to Replace Former GM Property in Pontiac
- Jun 03, 2013
A large parcel of vacant land on Woodward Avenue in Pontiac that once served as a validation facility for auto giant General Motors Co. will be reinvented as the ultimate destination for car enthusiasts. A joint venture between Birmingham-native and entrepreneur Brad Oleshansky and Revitalizing Auto Communities Environmental Response (RACER) broke ground this week on the first phase of M1 Concourse—a $40 million to $60 million investment that will transform the 80-acre site into an automotive event complex and recreational test track.
The validation facility was shuttered in 2006 and demolished two years later, San Antonio Express-News reports. The site was acquired by Oleshansky 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.
According to the information listed on the project’s website, M1 Concourse has all the details necessary for a gated community. The master plan calls for a 40,000-square-foot event center, outdoor exhibition space for car shows, auctions and concerts, up to 100,000 square feet of single or multi-tenant office space, a 7,000-square-foot member clubhouse, a test track and automotive retail space.
M1 Concourse’s highlight will be the car storage component, which will include up to 350 private car “condominiums” with climate control and plumbing, where car fanatics can house their valuable cars. The car storage will encompass four to six buildings with 14 to 16 car condominiums each with prices starting around $140,000-$175,000, according to The Detroit News.
Phase I of M1 Concourse is expected to deliver the first condo buildings, retail space and restaurant in summer 2014.
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Rendering via M1 Concourse Facebook page