After Tampa launch, Motor Enclave developer turns attention to other Florida markets
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: May 30, 2024

Brad Oleshansky made a splash in Tampa Bay with the Motor Enclave, a 200-acre playground for motorsports enthusiasts with a performance track and luxury garage condos. But the garages — some of which sold for over $1 million — were never meant to be his main revenue driver.

“The garages are a one-time business, and that’s important, but the real business is a premier event venue,” Oleshansky told the Tampa Bay Business Journal. “We have all these experiential driving elements.”

Oleshansky first pitched the Motor Enclave in May 2020, based on a similar development he’d completed in Michigan. The Motor Enclave is off Interstate 75, next to Tampa Executive Airport.

Initially, the development included 300 garage units; after some buyers chose to combine units, the final count was 238. Buyers have been closing on the units in recent weeks, and of the 238 condos, 234 have been sold. The average sales price is $500,000; the most expensive garage condo sold for $2.4 million. Some larger units, with a view of the performance track, sold for $1.4 million.

Car condo owners must purchase a membership to use the performance track on the property. Those memberships, which aren’t available to the public, have a one-time initiation fee of $100,000 and an annual fee of $6,000.

With the units sold, Oleshansky is turning his attention to corporate events. The Motor Enclave includes a 40,000-square-foot corporate events space. Puff ‘n Stuff caters events at the property, and Oleshansky has 20 permanent employees and a freelance team of up to 150 that he calls on depending on the size and scope of the event. He’s planning a Father’s Day event that will offer brunch and driving experiences.

“Last week alone, we had five events here,” he said. “We had the [Tampa Bay Buccaneers] and PNC Bank here, so that’s our main business.”

Oleshansky sees this business model working in other markets, especially throughout Florida. When the Tampa project went public, Oleshansky said he was working on a similar project in Tennessee. While the Tennessee project is no longer in the works, he said he is considering Orlando and other Florida markets for Motor Enclave projects. He is under contract on some sites, though he declined to disclose any details.

“I was working on something in Tennessee but gave it up because I want to be here,” said Oleshansky, who moved to Tampa after the Motor Enclave was underway.

The Tampa development has far outgrown Oleshanksy’s initial ambitions. What started as a $100 million project became a $140 million project. A $2 million resort pool that was not originally part of the plans was added as an amenity for members.

Comparing the Tampa property to the original site in Michigan is “like comparing a Chevrolet to a Rolls-Royce,” he said, from finishes to the quality of materials used. But the pricing evolved along with the project: Initially, the average price was forecast at $350,000.

The Motor Enclave’s timing helped drive prices: The project coincided with Florida’s pandemic population boom. About 85% of the garage owners are from within a 40-minute radius of Tampa. Others are from as far away as Naples, Fort Myers and Miami.

“The timing was fortunate on sales but unfortunate on costs,” Oleshansky said. “But because we were able to raise our price over time, it evened out. We did give up some margin because some stuff is so expensive.”