auto >> continued from page 28 Care Management & Home Care THE PROPERTY A Division of Feinberg Consulting, Inc. Overwhelmed by caring for an aging family member? Pam Feinbe N, CCM„eRRN, ABDA , gterventionist ,h ounder & CEO We Can Help : More than just home care... Our professionals will coordinate and support all of your needs Call: 248.702.6510 Care Managers: • Holistic Assessments • Detailed Plans • Management of Care • Oversight and Monitoring Caregivers: • Companionship • Help Around the Home • Meal Prep for Special Diets • Attending Appointments For additional services visit: www.BridgewayCare.net 1999590 v Iv/ nrni I INP1 Designer Handbags "%=.. WI L 12.Y We Pay Top Dollar for LOANT - -- • eezet Consignment can take weeks and resell shops can't pay top We buy more luxury watches, gold, and diamond jewelry than anyone else in Metro dollar. We pay cash on the Detroit because we sell more spot for your luxury items! than anyone in Metro Detroit. AMERICAN •--VIEIAIELRY v and LOAN American Jewelry & Loan - Detroit 20450 Greenfield Road Detroit, MI 48235 (313) 345-4000 info@pawndetroit.com Visit us online at PawnDetroit.com 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 continued on page 32 30 December 24 2015 JN