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The property, owned by GM for decades,
has its place in automotive history. It was
the site of the Rapid Motor Company, a
predecessor to GMC truck. It was 87 acres
with 120-plus years of automotive history.
"Several of my developer friends said it
would be very difficult for me to succeed in
the bid process because I didn't have a real
estate background or political connections:'
Oleshansky said. Still, he filled out hun-
dreds of documents and met face-to-face
with the trust representatives. "They said
if I could get the support of the city, county
and state, they thought it was a winner '
Oleshansky's idea was up against many
other bids, including proposals for casinos
and manufacturing. Pontiac City Council
thought the idea was great, and Oakland
County advocated for the project
Oleshansky met with auto manufactur-
ers and suppliers who suggested he add a
performance track they could access for
testing, training and marketing purposes,
including ride and drives, and launch
events. There were no modern tracks in
the Detroit area. "They said, 'If you have a
track, we would rent the facility for a vari-
ety of events:"
To build the track, Oleshansky had to get
the support of community residents. The
city held public hearings to garner the sup-
port he needed for approval.
"During the process, I realized that with
just car condos and a private track it would
not benefit the larger community. There
are 50,000+ classic, exotic and muscle car
owners within an hour of here, and the
majority of them couldn't afford to buy
a garage for $100,000 or more. There are
guys who own a car for $3,000 and it's their
pride and joy. That's the beauty of the car
scene: You can buy anything and still have
fun."
He wanted to create a destination where
all enthusiasts could gather, with a restau-
rant, shops and big parking lots, and event
space where people could come to a car
show every night.
GETTING STARTED
After Oleshansky purchased the land, he
had 18 months to do all the environmental
diligence, which cost a significant amount
of money. "We drilled 180 holes across the
site, like Swiss cheese, to test soil and vapor
and a lot of things I didn't know about In
the end, the environmental condition was
way better than expected:' he said.
He funded the project himself for the
first year and a half, and then decided to
raise capital.
"I was very fortunate to find Paul Zlotoff
of Uniprop, a real estate development and
private equity company in Birmingham:'
he said. "We structured a deal and became
partners. He and his brother Roger con-
tributed a significant amount of capital into
the project:'
Zlotoff said, "I certainly liked the idea of
rejuvenation of a derelict site as well as that
it would revitalize a city, Pontiac, in desper-
ate need of revitalization. I also thought
it was interesting that Metro Detroit has
one of the largest automotive cultures
anywhere, but no auto attraction of any sig-
nificance. The project has been a creative
challenge'
Banks were not interested in lending to
them, so the partners decided to fund the
project by pre-selling garages. "No one had
ever done it before. We decided to sell 80
garages in six months. We created a struc-
ture where the buyers' money went into
escrow and, if we didrit sell all 80 in six
months, they would get their money bade.'
They sold two sizes of garages in the
first phase: 54 were 1,200 square feet at
$225,000, and 26 were 600 square feet at
$115,000. In less than six months, all 80
were sold, which represented the $15 mil-
lion of initial capital required for the proj-
ect. Phase 2 includes a variety of sizes from
509 square feet ($105,000) to 2,400 square
feet ($500,000).
One of those people who bought a car
condominium was Stanley Finsilver of
Orchard Lake, a past president at Temple
Israel. Finsilver describes himself as a car
guy. He has a 1963 Corvette Split Window
Coupe, a 1967 Corvette Roadster 427 and a
1964 Pontiac GTO convertible.
"I purchased my unit with two good
friends who, like me, are car crazy:' he said.
"We need space for the cars we own or
hope to buy and want to be where others,
like us, are crazy about cars:"
Finsilver and his friends bought a
1,200-square-foot unit. The space has room
for about five cars on the floor with some
room to walk around. "We will be putting
in a mezzanine, bathroom and kitchenette
(but no cooking). We'll also have a BBQ:'
Finsilver said. "Also, we are very seriously
considering putting in car lifts for addition-
al vehicle storage for up to 11 vehicles:'
Another early buyer was Jon Fellows,
a neurologist who lives and works
in Farmington Hills and has known
Oleshansky for many years. "I first spoke
with him about this project a few years ago
at a bar mitzvah at Temple Israel where
we are both affiliated," Fellows said. "I was
immediately excited about Ml — a coun-
try club for gearheads."
He and his wife, Suzanne, purchased a
600-square-foot unit. Their goal is to install
a lift to house two or three cars and build
out an upper level loft space to hang out
and entertain friends and family — all with
an automotive and industrial feel.
"I hand wash and detail my own cars,
and I plan to have the space outfitted with
a complete detailing station. Most of my
friends thought the idea was a bit crazy,
but they are not car nuts. I say to myself, as
long as Brad is developing the project, it's
going to be the finest in the country, and
it will become a destination for many to
enjoy:' Fellows said.
Looking for more savings in Metro Detroit? Visit our 2nd locati
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30 December 24 2015
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