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.


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  • 16 Comments
      John S
      • 1 Year Ago
      I realize this is a car blog and not a real estate blog, but I'm sure glad I got no money tied up in this.
      superchargedstewart
      • 1 Year Ago
      I would use the track if its open to the public. But I also wonder, Why in Pontiac of all places??? I cant see anyone who is well to do moving there, or storing their prized possessions there!
        • 1 Year Ago
        @superchargedstewart
        [blocked]
      anon
      • 1 Year Ago
      There\'s a similar project \'supposedly\' being built in the Coachella Valley in Calif. near the south end of the runway of Jacquline Cochran Airport, but it\'s just construction fences around it with tarps saying what it is (cryptically-The Thermal Club) but behind the fence there\'s NOTHING!!!! The website last PR release was last year, supposedly to be open in 2013 (NOT??????!!!!!!!)
      Jerry
      • 1 Year Ago
      What are they going to do with the blight that surrounds the area? I sure as hell would not want to leave at night! Worked there for several years. Had a high level manager get carjacked at a gas station directly across the street from Powertrain HQ at 7:00 PM on a weeknight just 2 years ago. Looks good on paper, but they have to address the surrounding community or this is doomed to be Auto World 2.0.
        jallen
        • 1 Year Ago
        @Jerry
        They have outsourced security to the company Omni Consumer Products (OCP)
      car czar
      • 1 Year Ago
      Another case of Gentrification the 1% will get nice retail outlets, condos, and car garages, while forcing the police to displace the poor residents. We live in a country where we value the land people live on over the people. The city should use the RACER Trust to partner with investments companies to rebuild the ghettos in Pontiac. I'm not talking projects cause we all know what free housing does. I'm talking about job creation threw small business. I bet those poor people in Pontiac could use a grocery store over some fancy Race Park.
      Garrick Smith
      • 1 Year Ago
      Damnit , I can't lie when I glanced at the title of the post and saw Pontiac and GM, In my heart I thought there was a chance they'd be bringing back the performance division and getting it right.. Oh well. Still pretty cool though.
        Tony McAdams
        • 1 Year Ago
        @Garrick Smith
        Just the rich eating each other, wait 'til the fed starts "nibbling". We po' folk don't have enough for the feds to bother with, & there are only so many drug dealers [& they're better armed than the 1%!]
      • 1 Year Ago
      [blocked]
      Perry Harrington
      • 1 Year Ago
      "...similar projects in other states start at about $50,000 for a one-car garage. Some condos to hold multiple vehicles reportedly start at around $140,000-$175,000." That's pretty dirt cheap when you look at the cost of actually building your own garage these days. $50k is about how much you'd pay for a 1 car no-frills garage in my county, because I live in the Liberal Republic of California. In neighboring states you'd build that for less than $10k.
        archos
        • 1 Year Ago
        @Perry Harrington
        Thats about double what this person in Cali paid: http://www.garagejournal.com/forum/showpost.php?s=df97cb328c5f03b421bce2131650d57b&p=871739&postcount=7
      diffrunt
      • 1 Year Ago
      Each condo should be sitting on it's own parking garage , if the project ever gets off the ground.
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