M1 Concourse is one step closer to realizing its goal of building a condo development for car enthusiasts. The developer announced today that it has acquired an 87-acre, former General Motors property on the northwest corner of Woodward Avenue and South Boulevard in Pontiac.
“The response to our plans has been overwhelming since we first announced the project,” says Brad Oleshansky, founder and CEO of the auto-themed development. “We’re excited to begin preparing the land and proceeding with the development.”
The mixed-use development — which has received preliminary site plan approval from the city of Pontiac — will include a 1.5-mile performance track, more than 250 private garages, restaurants, an auto-focused shopping village, and office space. The site plan has changed considerably from the original layout, based on feedback from potential buyers.
Oleshansky says the first phase of private garages — which will each accommodate between two and 50 vehicles — will go up for sale in September. He anticipates opening the first portion of the development next summer.
The property was acquired from Racer Trust, created by the U.S. Bankruptcy Court to find buyers to invest in the redevelopment and reuse of properties owned by the former General Motors Corp. before its 2009 bankruptcy.
“We congratulate Mr. Oleshansky and his team and look forward to what promises to be a tremendous new development for Pontiac and Oakland County,” says Elliott P. Laws, administrative trustee of Racer Trust. “This is great news both for car lovers and for the community as a whole, and represents an ongoing fulfillment of Racer’s mission to bring new investment and jobs to the former GM properties in our portfolio.”
Birmingham-based Uniprop, which has made a significant equity investment in the project, will advise the development in relation to real estate development, construction, and finance.
Car enthusiasts can get a sneak peek at the property during the M1 Concourse Dream Cruise Week Kick Off Party and Car Show on Sunday. Tickets are required for entrance. For more information, click here.
