EXCLUSIVE: $100 MILLION MOTOR ENCLAVE, COMPLETE WITH CAR CONDOS AND A PERFORMANCE TRACK, IS COMING TO TAMPA
TAMPA BAY BUSINESS JOURNAL
By Ashley Gurbal Kritzer
May 05, 2020
A Michigan developer has plans to build a $100 million car-centric community next
to Tampa Executive Airport — a sprawling, 200-acre compound that will include car condominiums, a performance track and corporate events center.
Developer Brad Oleshansky built a similar community, M1 Concourse, in Pontiac, Michigan; it opened in 2016. In early 2019, Oleshansky left M1 Concourse to take the concept to other parts of the country and is pursuing three locations for The Motor Enclave: Tampa, Nashville, Tennessee and Columbus, Ohio.
Proponents of the development say it will serve more than an elite group of car enthusiasts. The car condos alone will add hundreds of new properties to the county tax rolls; it will provide a 500-seat private events venue, and it could also make the Tampa Bay area more attractive to large-scale events like the Super Bowl and NCAA tournaments.
“This is the type of project that helps elevate our profile,” said David Singer, an attorney with Shumaker Loop & Kendrick LLP, who is representing Oleshansky in the county land-use process.
The project is entirely equity based; Oleshansky’s investors are high net worth individuals and family offices. He does plan to partner with a local bank to offer financing on the car condos, but he expects the majority of buyers will pay cash. He’s raised
enough money to begin construction speculatively, though he does plan to pre-sell the condos as well.
Oleshansky is an attorney by trade. He is a two-time winner of the Ernst & Young Entrepreneur of the Year Award, one of which was for the M1 Concourse project.
“It’s not like I’m a crazy guy withanidealike Iwasseven years ago in Michigan,” Oleshansky said. “I have proof of concept — the most successful project in the country that I built, sold and exited.”
The site he’s targeting in Tampa has room for up to 300 car condos, likely to be built in four phases. Pending county approvals, Oleshansky will close on the land, currently used for cattle grazing, by late 2020. He’d like to break ground by early 2021. The project will seek bids for a general contractor soon, and Oleshansky said he’d prefer to work with a local company
The performance track — and Oleshansky emphasizes it is not a racing track — is a 1.5-mile circuit. The property will also be home to a 30-acre off road course.
“It’s all about meeting the needs of the clientele in a safe, controlled space,” – Brad Oleshansky
Singer, the land-use attorney, said the plans require both a rezoning approval and a change to the county’s comprehensive plan. He anticipates public hearings on the approvals in December or January.
“It’s literally a dream location at the crossroads of I-4 and I-75,” Oleshansky said. “There’s so much interest already from Orlando and Sarasota. I thought all my customers would be from within a half hour of Tampa.”
The Motor Enclave’s target audience, Oleshansky says, is simple: People who love cars. The car condos start at $180,000; the average price is
$350,000 for a 1,200-square-foot condo that can “comfortably” hold four to six cars — “generally, four on the floor and two on lifts,” Oleshansky says. Some will be built specifically to accommodate recreational vehicles and car trailers, and those units will be priced between
$700,000 and $800,000.
“In Miami, someone who buys a Ferrari is someone who wants to park it in front of a restaurant,” he said. “In Tampa, I’m sure there’s some of that, but Tampa is similar to Detroit where people love cars.” – Brad Oleshansky
But these car buffs aren’t just buying garages: The majority of condo buyers at M1 Concourse put a mezzanine in their units to double their square footage, and they add not only bathrooms and kitchens but also movie rooms, golf simulators and cigar lounges. Some don’t even have cars; one owner in the Michigan project is a philanthropist who uses her condo for dinner parties, Oleshansky said. Another uses it to house his collection of model ships and airplanes.
Fred Lay, who owns Construction Services Inc. of Tampa, might be as close to Oleshansky’s target customer as they come: Lay is a collector who owns 23 cars, stored at a Tampa warehouse. As soon as he heard about The Motor Enclave, he wanted to buy a condo. Ideally, he’ll take one that’s 4,000 to 5,000 square feet; with lifts, that could fit just about his entire collection.
“To have a performance track that we could actually take the cars out on in a safe and controlled environment — that’s a big deal for us car guys.” – Fred Lay
Among his collection is a Ferrari that can go 225 miles per hour — but he can’t do that outside of a performance track, and the closest are in Sebring or Homestead.
“To be able to go at lunchtime and jump on a track like that, that’s pretty appealing,” Lay said. “I’m ready to go. As soon as they start accepting deposits, I’m there.”
Above: The Motor Enclave is bringing car condos, a performance track and 30-acre off-road area to Tampa.