- Associated Press - Monday, June 22, 2015

PONTIAC, Mich. (AP) - The site of a former General Motors factory in Pontiac is expected to become a private playground for car enthusiasts with a race track and car condominiums.

The Detroit Free Press reports (http://on.freep.com/1JdKfhJ0 ) the $60 million M1 Concourse project is scheduled to break ground Wednesday.

The project’s $25 million first phase will involve construction of a 1.5-mile track and 80 car condos, which are climate-controlled garages that can double as entertainment rooms. Use of the track would generally be reserved for condo owners and their guests.

Brad Oleshansky, M1’s founder and CEO, says he has purchase agreements in hand for all the initial units, which cost about $110,000 for a 600-square-foot condo that fits two to four vehicles and $250,000 for a 1,200-square-foot unit for five to eight vehicles.

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Information from: Detroit Free Press, http://www.freep.com

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