Next-Generation Services for Buying and Selling Cars
Monterey Motorsport Park is a luxury garage-condo facility and car community located adjacent to Monterey Regional Airport. The vast majority of owners plan to use their units to store car collections, memorabilia and other valuable collectibles.
Now with recent approval from the City of Monterey, interested owners may apply for either wholesale or retail dealer licenses from the California Department of Motor Vehicles (DMV) — so they can handle custom car buying and selling, with transactions often taking place on-demand via e-commerce.
“This is a major announcement and accomplishment for Monterey Motorsport Park,” says Gordon McCall, noted Monterey Peninsula collector of cars and motorcycles, co-host of McCall’s Motorworks Revival at the Monterey Jet Center and a member of the project’s development team. “Together with the unique tax benefits of ownership in this facility, to obtain the incredibly strict zoning approval from the DMV will really help many prospective buyers with their decision to invest in this property”.
Added Benefit for Garage-Condo Owners
Being able to handle vehicle sales and purchases within a community tailored to the needs of auto enthusiasts is expected to be a highly desirable benefit for many owners at Monterey Motorsport Park.
“These luxury garage-condo units are ideal to showcase a limited inventory of exotic, classic or other collectible cars,” explains Ralph Borelli, co-managing member of Monterey Motorsport Park. “This e-commerce-driven business model has proven to be quite popular with owners in other similar facilities such as Club Auto Sport in Silicon Valley — where more than a dozen owners operate specialized, next-generation auto sales businesses.”
One of the first businesses to open in the community will be Gordon McCall’s firm, McCall Events. McCall will use the downstairs garage space as a showroom for his extensive collection or cars and more than 20 vintage motorcycles. Upstairs, in a spacious mezzanine, McCall will establish a small office to run his business. Other owners may choose to use their mezzanine (included in every unit) to create a comfortable retreat, with amenities ranging from sofas and TVs to high-speed Internet service or a wet bar.
SBA Financing of Up to 25 Years
Monterey Motorsport Park is working with two lenders: Avidbank, which offers conventional financing, and Santa Cruz County Bank, which offers both conventional and SBA loans for small businesses — the latter including new fixed SBA 504 loans with terms of 25 years, in addition to the familiar 10- and 20-year SBA loans. Plus, you may enjoy the long-term potential for appreciation offered by real estate on the Monterey Peninsula.
Construction Now Underway
Construction is underway at Monterey Motorsport Park, with completion targeted for the 4th quarter of the year. But don’t wait. Already, approximately half of the 86 units in the complex are spoken for.
To learn more about Monterey Motorsport Park or get information about the requirements (including CC&Rs) to operate a business in your garage-condo, contact our sales brokers