Commercial Real Estate
By Ashley Gurbal Kritzer
Nov 04, 2020
A $100 million development that will build garage condominiums and performance and off-road tracks near Tampa Executive Airport is motoring toward a groundbreaking in early 2021.
“I’ve had way more interest in Florida than I had in Michigan,” Oleshansky told the Tampa Bay Business Journal. “We had a big display at the St. Pete Grand Prix, and I’ve never seen people so excited and going crazy like, ‘When can I give you my money?'”
The Motor Enclave, which will span 200 acres between Interstate 75 and US 301 near Tampa International Airport, has received preliminary approval from county officials. In the coming weeks, it will face a zoning hearing, and the vote for final approval is slated for December. After the final approval, Oleshansky will close on the land.
The site plan has been tweaked slightly, based on feedback from neighbors and the county. (See new plan embedded below.)
The first phase of presales will begin in January, and Oleshansky thinks there’s a good chance it will sell out. Construction will begin in March, and Oleshansky said he’s close to choosing a general contractor. (Stantec is the civil engineer on the project; attorney David Singer of Shumaker Loop & Kendrick LLP represents Oleshansky in the land-use process.)
“I’d say we’ve got more than a dozen guys in Tampa who want multiple units,” Oleshansky said.
The first phase will be around 50 condos, and eventually, the site will be home to more than 250 condos. Beyond the garage condos, the first phase will also include a 25,000-square-foot events center, the performance track and an off-road track. Oleshansky said he’s fielded interest from buyers in Orlando, Sarasota and Clearwater as well as Tampa.
The motor compounds can host everything from corporate entertaining events to police and firefighter training sessions. Oleshansky says he’s in late-stage negotiations with a Tampa company that wants to buy the naming rights to the performance track.