Michigan entrepreneur Brad Oleshansky, working with private partners and the RACER Trust, is planning to purchase the 80-acre parcel in Pontiac, MI that once housed four General Motors factories. Instead of the vacant lot there now, Oleshansky plans to build the M1 Concourse car country club that would have 338 car condominiums, a clubhouse, restaurant, events center and amphitheater and a one-mile test track. The RACER Trust was set up at the time of GM's bankruptcy to help redevelop abandoned sites and facilities.

Oleshansky has said he wants to begin condo pre-sales this Summer and break ground this year on the first phase, which would be the restaurant, retail outlets and a number of condos. Pricing for the condos hasn't been revealed, Oleshansky says he'd like to announce it in six to eight weeks.

The sale transaction doesn't appear to have been finalized yet, but the $50-$60-million development has preliminary approval from the Pontiac authorities, and could include an additional 7.5 acres devoted just to parking.