Imagine property developed for auto enthusiasts that included a 1.5-mile performance track, more than 250 private garages, restaurants, a car-themed shopping village, and office space − that would be so cool, right? The former General Motors property’s revitalization will soon be reality for metro-area Detroiters because developers of the M1 Concourse have officially bought the land from the Revitalizing Auto Communities Environmental Response (RACER) Trust.
The Detroit News reports that the trust closed this week, the purchase agreement having been announced in May of last year. No price was disclosed.
“The response to our plans has been overwhelming since we first announced the project,” says founder and CEO of M1 Concourse, Brad Oleshansky. “We’re excited to begin preparing the land and proceeding with the development.”
The M1 Concourse “car country club,” named after Woodward Avenue’s Michigan Route 1 designation, has received preliminary site plan approval from the city of Pontiac, and the first set of garages should be sold starting in September.
“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 administrative trustee of RACER Trust, Elliott P. Laws. “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.”
The RACER Trust was established in March 2011 by U.S. Bankruptcy Court to maintain and sell former GM properties that are not part of the New GM.