M1 Concourse to Buy RACER Land in Pontiac, MI, Develop Destination for Car Enthusiasts
PONTIAC, MI — The RACER Trust and M1 Concourse have come to terms on a sale agreement that will enable M1 Concourse to build the largest car enthusiast center of its type in North America.
M1 Concourse will purchase 87.5 acres of largely vacant industrial land at the intersection of historic Woodward Avenue and South Boulevard in the City of Pontiac. The land previously was the site of General Motors manufacturing operations.
“The M1 Concourse proposal represents an economic rebirth for this property and a spectacular new gateway to South Pontiac,” said Elliott P. Laws, administrative trustee of the RACER Trust. “We are very excited by the planned development and for the positive impact it will have on Pontiac and Oakland County. The multiplier effects of a development like this are tremendous. We congratulate Brad Oleshansky and his team and wish M1 the greatest success.”
Mr. Oleshansky, the founder and CEO of M1 Concourse, described the project as “the ultimate car enthusiast destination,” with plans for a destination restaurant, a 40,000-square-foot event center, a 7,000-square-foot clubhouse and more than 325 secure, climate-controlled car condominiums with flexible loft space for private entertaining and relaxation.
There also will be outdoor exhibition space for car shows, concerts and other events; auto-related retail including parts, paint/body, detail and restoration; up to 100,000 square feet of office space; and a 1-mile, paved track.
Mr. Oleshansky said he hopes to break ground this fall and have a large portion of the project open in time for the August 2014 Woodward Dream Cruise.
“Southeast Michigan is synonymous with cars, and we have a very high concentration of car enthusiasts who we believe have been waiting for a destination like this,” Mr. Oleshansky said. “I have great appreciation for our region’s automotive heritage, and the opportunity to build this in an area that contributed so much to the transformation of our nation in the 20th century is really a dream come true. I’m looking forward to creating a place for auto enthusiasts to call their own, where they can be among others who share their passion. I want to build something the community will be proud of, and I can’t wait to get started.”
“M1 Concourse captures the proud automotive heritage of Pontiac,” Oakland County Executive L. Brooks Patterson said. “I am grateful to Brad Oleshansky and the RACER Trust for investing in Pontiac’s future.”
"The M1 Concourse project is a clear indication that Pontiac has turned a corner and is looking at a bright and vibrant future," said Louis Schimmel, Pontiac's Emergency Manager. "Brad Oleshanksy’s entrepreneurial drive and energy will transform a long-vacant industrial property into something all of Pontiac can take great pride in. Brad is the kind of business leader every community would love to have, and I look forward to his success. My congratulations to Brad and the RACER Trust for putting this deal together and for their belief in Pontiac."
"This investment is an important milestone in Pontiac's continuing road to economic recovery, and gives us an opportunity to introduce our community's many outstanding features to a new audience of auto enthusiasts," Pontiac Mayor Leon Jukowski said. "I applaud Brad Oleshansky for his vision and confidence in Pontiac and thank the RACER Trust for working with the city to attract a buyer who will bring dynamic new activity to our southern gateway. This is a very exciting day for Pontiac."
The RACER Trust has completed nearly 30 property transactions since it was established in March 2011 to clean up and seek beneficial reuse for former General Motors locations in 14 states. Proceeds of completed transactions exceed $25 million, with more under contract.
Other former GM properties in Pontiac have been sold or are under contract, including industrial land surrounding Ultimate Soccer Arenas; the former Pontiac Assembly Plant; and the former Fiero Assembly Plant, which after renovations and redevelopment is expected to attract a new business with 30 to 50 initial jobs. Ultimate Soccer Arenas will use its acquisition to expand into the largest indoor amateur sports facility in the world.
About the RACER Trust:
The RACER (Revitalizing Auto Communities Environmental Response) Trust was created to clean up and position for redevelopment properties and other facilities owned by the former General Motors Corp. before its 2009 bankruptcy. RACER is one of the largest holders of industrial property in the United States and is the largest environmental response and remediation trust in U.S. history. When the Trust was formed, it owned properties at 89 locations in 14 states, principally in the Midwest and Northeast. The Trust, which is independent, was created by a settlement agreement in the U.S. Bankruptcy Court between the U.S. Government, the 14 states where the former GM properties are located, and the St. Regis Mohawk Tribe, which owns land adjoining Trust property in Massena, NY. For more information, please visit www.racertrust.org
About M1 Concourse:
M1 Concourse is the first car enthusiast center of its type in North America. It has room for more than 1,000 collector cars in privately owned and outfitted "car condos," where car enthusiasts can enjoy each other's company and take advantage of specialized services catering specifically to their needs, like speed shops and paint, repair and restoration facilities. There's even a members' clubhouse and test track. With collector cars becoming more and more valuable and car enthusiasts wanting to enjoy their cars with their families and like-minded enthusiasts, the idea for M1 Concourse grew directly and organically from the needs of the auto enthusiast community. For more information, please visit www.m1concourse.com
06/25/2019 - RACER Trust Video Summarizes Success of Cleanup Activities, Preparation for Redevelopment of Property in Massena, N.Y.
06/10/2019 - RACER Trust Promoting Development Opportunities to Global Audience at SelectUSA Investment Summit
04/18/2019 - RACER Trust Welcomes Members of Flint Community on Tour of Buick City
04/15/2019 - RACER Trust Redevelopment Manager Participating in ULI Spring Meeting
03/25/2019 - RACER Trust Promoting Investment Opportunities at Site Selectors Guild National Conference
03/19/2019 - RACER Trust Participating in Data Center World Global Conference
03/13/2019 - RACER Trust to Host Public Meeting to Discuss Environmental Activities at Buick City
01/16/2028 - RACER Trust Redevelopment Team Participating in CAR Automotive Communities Partnership Meeting
11/01/2018 - RACER Trust Team to Lead Discussion on Best Practices in Positioning and Marketing of Surplus Properties for Sale and Redevelopment at Industry Event in Syracuse
10/23/2018 - RACER Trust Michigan Cleanup Manager Appointed to Governor’s First Environmental Rules Review Committee
10/09/2018 - RACER Trust Receives Final Approval of Corrective Action Plan, Signaling End of Active Cleanup for Property in Kansas City, Kan.
09/25/2018 - RACER Trust Redevelopment Manager to Participate in Inaugural National Brownfields Leadership Summit
09/11/2018 - RACER Trust Promoting Investment Opportunities at Site Selectors Guild Fall Forum
08/30/2018 - RACER Trust Completes Sale of Property in Ewing Township, N.J., to Parkway Town Center Urban Renewal, LLC
8/20/2018 - RACER Trust Updates Lansing-Area Community on Environmental Work
7/30/2018 - New Headquarters for George W. Auch Co.
06/19/2018 - RACER Trust Property Marketing and Sales Team to Participate in 2018 SelectUSA Investment Summit
06/05/2018 - RACER Trust Participating in 3rd Annual New York State Redevelopment Summit
05/24/2018 - RACER Trust Evaluating Offers for Massena Property; Marketing Efforts Continue
05/18/2018 - RACER Trust Pleased with Response to Call for Offers?to Purchase and Develop Buick City Property; Evaluation Ongoing
06/16/18 - RACER Trust Attending ICSC RECon, the World’s Largest Event for Retail Real Estate Professionals
05/09/2018 - RACER Trust Completes 50th Sale of Former GM Properties in Bedford and Lawrence County, Ind.
04/26/2018 - RACER Trust to Participate in Great Lakes Economic Forum
04/17/18 - RACER Trust Completes Active Remedial Work at Property in Wyoming, Mich.
04/09/2018 - Ambrose Property Group Completes Sale and Transfer of Former GM Stamping Plant Site from RACER Trust
04/03/2018 - RACER Trust Completes Active Remedial Work at Property in Wyoming, Mich.
03/29/2018 - RACER Trust Conducting Additional Environmental Investigation in Kokomo, Ind.
03/20/2018 - RACER Trust Promoting Investment Opportunities at Site Selectors Guild National Conference
03/13/2018 - With Interest Increasing, RACER Trust Issues Call for Offers to Sell Its Buick City Property in Flint, Mich.
03/08/2018 - RACER Trust Begins Soil Cleanup Activities at Ewing Township Property, Setting Stage for Development
03/06/2018 - RACER Trust Soliciting Offers for Purchase and Development of Industrial Property in Massena, N.Y.
02/27/2018 - Statement From RACER Trust Regarding Buick City Property in Flint, Mich.
02/22/2018 - RACER Trust Wins National Award for Sale that Enabled Construction of the American Center for Mobility
2/14/2018 - Beneficial Reuse of RACER Trust Properties Featured in Oakland Co. Brownfield Redevelopment Authority Progress Report
02/01/2018 - RACER Trust, Commonwealth Development Corporation of America Complete Transaction in Muncie, Ind.
12/18/2017 - RACER Trust, Rivore Metals, LLC, Complete Sale of Industrial Property in Pontiac, Mich.
12/14/2017 - RACER Trust Completes Series of Environmental Tasks to Facilitate Redevelopment Work at Willow Run
12/06/17 - RACER Trust Honors Ashley Capital with Inaugural RACER’s Edge Award
11/01/2017 - RACER Trust Sells Property in Romulus, Mich., for Industrial Park Development
10/4/2017 - Expo at Salina Industrial Park to Celebrate Manufacturing in Central New York
09/07/2017 - Auch Construction Celebrates Groundbreaking for New Headquarters Building in Downtown Pontiac
08/28/2017 - Lear Corporation to Build at Buick City
05/26/2017 - MDEQ video series highlights Bay City
5/4/2017 - RACER Trust, idX Corporation Complete Sale of Former GM Manufacturing Plant in Spotsylvania County, Va.
05/02/2017 - RACER Trust Selects Ambrose Property Group for Transformative Development at Former Indianapolis Stamping Plant Property
2/22/2017 - RACER Trust, George W. Auch Company Complete Transfer of University Drive Property in Pontiac, Mich.
2/9/2017 - RACER Trust, Rivore Metals, LLC, Reach Agreement on Sale of Industrial Property in Pontiac, Mich.
1/20/2017 - RACER Trust, Michigan DNR Reach Agreement on Transfer of Riverfront Property in Saginaw
12/20/2016 - RACER Trust, Commonwealth Development Corporation of America Reach Agreement on Sale of Land in Muncie, Ind.
12/19/2016 - RACER Trust Sells Interest in Pontiac Centerpoint Business Campus
12/1/2016 - RACER Trust Sells Property in Muncie, Ind., to M&M Bus Co., Inc.
11/22/2016 - RACER Trust, NorthPoint Development Reach Agreement for Sale of Lansing-Area Industrial Land
11/10/2016 - RACER Trust Completes Sale of Former GM Willow Run Property for Redevelopment as American Center for Mobility
7/27/2016 - RACER Trust Sells Property in Anderson, IN, to Tower Anderson, LLC
7/22/2016 - NorthPoint Development Bringing More Jobs to KCK
7/18/2016 - Agreement Reached on Willow Run Purchase
6/21/2016 - RACER Trust to Seek New Proposals for Purchase, Redevelopment of Prime Property Near Downtown Indianapolis
5/17/2016 - RACER Trust, George W. Auch Company Reach Agreement On Sale of University Drive Property in Pontiac, Mich.
5/10/2016 - RACER Trust Announces Sale of Vacant Land in Pontiac, Mich., to HB Dynamics
5/4/2016 - U.S. EPA Issues Community Update on Massena Cleanup
4/14/2016 - Ohio EPA Issues Covenant Not to Sure for Former RACER Trust Property in Ontario, OH
2/23/2016 - EPLET, LLC, to Continue Service as Administrative Trustee of RACER Trust
1/5/2016 - RACER Trust, Ross Community Center, Inc., Complete Sale of Land in Muncie, IN
11/17/2015 - RACER Trust, Ross Community Center, Inc., Reach Agreement for Sale of Land in Muncie, IN
9/15/2015 - RACER Trust, Ashley Capital Complete Sale of Industrial Land in Livonia, MI
9/9/2015 - U of M Video Highlights Partnership with RACER
6/8/2015 - RACER Trust Announces Sale of Flint Warehouse; More than 200 Jobs Expected
05/28/2015 - Remedial activities resume in Massena
4/29/2015 - RACER Trust Completes Sale of Property in Anderson, IN; Site to be Used by Sirmax North America for Manufacturing
3/20/2015 - U.S. Commercial Service, AmCham Canada, RACER Trust Welcome Canadian Business Leaders for Reception
3/19/2015 - RACER Trust Hires Terradex to Provide Environmental Monitoring Services
2/24/2015 - RACER-Sponsored Student Design Team Wins International Recognition for Research on Sustainable Remediation
2/6/2015 - Resources from SelectUSA
01/15/2015 - Sharing in Good News for Anderson, IN
1/13/2015 - RACER Trust Sells Vacant Land for Redevelopment in Detroit
12/17/2014 - RACER Trust Reaches Agreement with IRG for Sale of Buildings and Land in Pontiac, MI
12/10/2014 - RACER Trust Reaches Agreement with Ashley Capital for Sale of Industrial Land in Livonia, MI
12/02/2014 - RACER Trust Announces Sale to Wayne State University
11/24/2014 - RACER Trust Sells Land in Flint, MI, to Kettering University
11/10/2014 - RACER Trust, NorthPoint Development Agree to Terms for Sale of Industrial Land in Lordstown, OH
10/30/2014 - RACER Trust Announces 10-Year Lease Extension with Roth Global in Salina Industrial Powerpark
09/25/2014 - Brownfields 2015 Brings Focus on Sustainability and Redevelopment to Chicago
09/18/2014 - RACER Trust Honors Perras Environmental Control for Safe, Successful Remediation Work in Massena
9/11/2014 - Lennar Breaks Ground in Ewing
8/26/2014 - AMERICAN Cast Iron Pipe Company Begins Redevelopment of Buick City
8/7/2014 - M1 Concourse Completes Purchase in Pontiac
8/6/2014 - RACER Trust Completes Sale of Former GM CVO Facility to International Turbine Industries
8/6/2014 - CVO Remediation Team Earns EPA Honor
8/4/2014 - RACER Trust Announces Agreement to Sell Former GM Indianapolis Plant Property to REI Investments
8/4/2014 - How Do Detroit's Parolees Fit into the City's Revitalization?
7/29/2014 - How Much Cleaning Up Brownfields is Really Worth
7/29/2014 - The Perfect Partner for Closed Landfills?
7/13/2014 - RACER Trust is Working to Bring Jobs to Toledo
6/23/2014 - Yankee Air Museum Signs Deal for Part of Willow Run Bomber Plant
4/21/2014 - Rebirth of America's Dead Factories
4/1/2014 - Carl Garvey Named General Counsel of RACER Trust
3/6/2014 - RACER Trust Announces Sale of Former GM Livonia Powertrain Plant to Schostak Brothers & Company
2/4/2014 - Mayor Bert Steinmann and the Ewing Township Redevelopment Agency Announce Designation of Lennar Ewing, LLC as Redeveloper for Portion of Parkway Avenue Redevelopment Area
1/15/2014 - Statement from RACER Trust Regarding Donation of Land to City of Anderson, IN
12/09/2013 - RACER Trust Honors D.A. Collins Environmental Services for Successful Completion and 58,000 Safe Work Hours on Massena, N.Y., Project
11/13/2013 - AMERICAN Brings New Investment, Jobs to Flint, MI
11/1/2013 - Plans for $250 million project, up to 800 jobs at former GM site in Moraine, Ohio, ’The home run we have been looking for.’ “
9/30/2013 - NorthPoint, RACER Trust Close Sale in Kansas City, KS; Development Projects Will Create Up to 2,000 New Jobs
09/05/2013 - Connected Vehicle Research Center Planned on Site of Former Willow Run Powertrain Plant
08/08/2013 - RACER Trust Seeking Proposals from Qualified Firms for Redevelopment of Indianapolis Stamping Plant Site
08/01/2013 - Rosie the Riveter's factory gets 2-month reprieve
08/01/2013 - 'Rosie the Riveter' World War Two Bomber Plant Needs $8 Million to Live on as Museum
07/31/2013 - Michigan Aerospace Foundation, Yankee Air Museum and RACER Trust Announce Extension of the Fundraising Deadline for Former B-24 Plant at Willow Run
6/7/2013 - Former Indianapolis Stamping Plant to be Marketed as Vacant Land
6/6/2013 - Fox-47 Coverage of RACER Community Meeting in Lansing, MI
5/23/2013 - M1 Concourse to Buy RACER Land in Pontiac, MI, Develop Destination for Car Enthusiasts
5/16/2013 - RACER Trustee Elliott Laws Receives National Brownfield Leadership Award
4/24/2013 - RACER Trust Working with Yankee Air Museum On Deal for Portion of Willow Run Powertrain Property
04/17/2013 - RACER Trust, Ultimate Soccer Arenas Reach Agreement on Deal for Land in Pontiac, MI
4/02/2013 - Aircraft Maintenance Firm Buying Willow Run CVO Facility; Sale is Expected to Result in Creation of 25 Jobs
3/22/2013 - Sale and Redevelopment of RACER Trust Site in Kansas City, KS, Means 2,000 New Local Jobs
2/7/2013 - RACER Trust Awards Major Cleanup Contract for Former GM Site in Massena, NY, to Local Firm
1/30/2013 - Ewing Township, RACER Trust Agree On Unified Marketing Approach for Former GM Property
1/3/2013 - Elio Motors to Buy Former GM Plant in Shreveport, Expects to Employ 1,500 by end of 2015
12/28/2012 - RACER Trust Completes Sale of Former GM Facility in Ohio to Major Development Company
11/28/2012 - Redeveloping Former GM Sites for New Job-Creating Uses
11/28/2012 - Plans 'On Track' for Sale of Former GM Plant
10/31/2012 - Former GM Assembly Plant in Pontiac Sold for New Industrial Development
10/31/2012 - RACER sells Fiero Assembly plant in Pontiac to Lapeer-based company
10/19/2012 - Event showcases Massena to Canadian companies
9/28/2012 - Marketplace Highlights RACER Mission
9/24/2012 - Former GM Plant Near Shreveport, La., Offers Prime Opportunity for New Investment, Jobs
8/17/2012 - GM Pact Signed, Work Begins to Bring 1,100 Jobs
8/17/2012 - Ontario Council Signs GM Site Development Pact
8/17/2012 - New Plans For Previous GM Plant
8/17/2012 - Ohio Company To Buy Former GM Plant, Bring 1,100 Jobs to Area
8/16/2012 - Major Development Firm Reaches Agreement On Purchase Of Former GM Facility
8/16/2012 - RACER Trust Announces Deal to Sell GM Stamping Plant in Ontario to Brownfield Communities Development Co.
8/16/2012 - Developer Has Big Plans for GM Site in Ontario
8/16/2012 - Filling Building Will Generate Tax Revenues
8/16/2012 - Purchase Agreement Signed for Ex-GM Plant
8/16/2012 - Real Estate Firm to Buy Ex-GM Ohio Plant
8/16/2012 - Richland County: Redeveloped GM Plant to Bring 1,100 Jobs
8/16/2012 - Firm Heading Former GM Site Redevelopment to Sell Ohio Stamping Plant
8/16/2012 - Sale Of Former Ontario General Motors Plant Announced
8/16/2012 - Brownfield Communities Development Buys Ex-GM Facility in Ohio
7/30/2012 - Potential Advantages of Reusing Potentially Contaminated Land for Renewable Energy
7/27/2012 - Repurposing Former Automotive Manufacturing Sites
7/26/2012 - RACER Trust and UEP Detroit Team Up to Provide Opportunities for Minority Entrepreneurs
7/18/2012 - RACER Trust and Goodwill’s Green Works, Inc., Partner to Promote Recycling and Create Job Opportunities in Southeast Michigan
6/28/2012 - RACER Trust looks to convene new industrial activity across a huge portfolio of former GM properties
6/27/2012 - Former Bay City Official Joins RACER Trust Team
6/22/2012 - 'Rosie the Riveter' Bomber Plant in Michigan for Sale
6/21/2012 - Ex-GM Plants for Sale; Must Create Jobs
6/21/2012 - AnnArbor.com: Open House Showcases Former GM Properties
6/21/2012 - Forbes, Jalopnik.com highlight RACER
6/21/2012 - Detroit Free Press: RACER Trust Has Prospects for Buick City Property
6/20/2012 - Detroit News: 'Old' GM sites put to use
6/20/2012 - RACER Event Focused on Jobs, Redevelopment Draws More Than 200 to Willow Run
6/19/2012 - RACER Trust Open House Wednesday at Willow Run Features U.S. Government’s Jay Williams, Mathy Stanislaus
6/12/2012 - Mathy Stanislaus, EPA Assistant Administrator, to Participate in RACER Trust Open House June 20
6/7/2012 - Jay Williams is the Featured Speaker at June 20 RACER Open House
5/10/2012 - RACER Trustee Elliott Laws Presents at Federal Reserve Bank Conference "Reinventing Older Communities"
2/14/2012 - RACER Trust's Bruce Rasher named Chairman, President and CEO of National Brownfield Association
2/13/2012 - Spotlight: Anderson Plant Lighted the Way For GIs
2/8/2012 - RACER's Bruce Rasher appears on Green Sense Radio Show
1/17/2012 - RACER Trust Honors Brandenburg Industrial Service Co. for Safe Work Performance at Massena Site
1/16/2012 - Spotlight: From Red Brick Factory Walls to Golf Course Green
12/26/2011 - Flint Journal reports: Multiple companies discussing buying part of Buick City
12/8/2011 - NY Times Story: Developers Revive Closed Auto Plants
12/8/2011 - Spotlight: Syracuse Industrial Powerpark - From Parts To Multi-Manufacturing
12/5/2011 - RACER Trust Engages Tetra Tech to Continue Ontario Property Cleanup
11/3/2011 - Former White House Aide Joins RACER Trust Team
11/1/2011 - Industrial Contractor Buys Former
GM Facility in Pontiac to Expand Operations
10/24/2011 - RACER Official to Lead National Conference Panel on Investment Opportunities
10/12/2011 - Spotlight: Ewing Plant Built Avenger Bombers
9/13/2011 - Spotlight: Rosie the Riveter Worked at Willow Run
8/12/2011 - Massena Incident Won't Slow RACER Progress
8/9/2011 - Crain's Detroit Business Profile of RACER Trust
7/25/2011 - Former GM Property in Pontiac to be Redeveloped
7/8/2011 - MEDA Annual Meeting
7/6/2011 - RACER Sells Facilities in Ohio, Michigan
6/28/2011 - Former MI Official Selected for Key Role at RACER
6/20/2011 - Veteran Economic Development Leader Directing RACER Redevelopment Initiative
6/20/2011 - Rasher to address Michigan Economic Developers Association Conference
6/13/2011 - RACER Participates In Mayor's Automotive Coalition Webinar
5/10/2011 - Bruce Rasher Provides Expert Analysis
4/29/2011 - Important Announcement Concerning Environmental Contractors
4/5/2011 - Laws Presents at Brownfields
3/31/2011 - RACER Trust Formation Announced
10/20/2010 - US: Settlement with GM on Environmental Liabilities
10/20/2010 - US Settles With GM on Environmental Liabilities
10/20/2010 - White House Announces Trust to Cleanup and Repurpose 89 Former GM Properties