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The Race Is On for Garage-Condos at Monterey Motorsport Park

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Wayne Rainey, 3-time Moto GP World Champ tells why he bought at the luxury destination for collectors and motorsports enthusiasts.

“I’ve been looking into commercial real estate here on the Monterey Peninsula for years, but haven’t found anything that suits all of my needs. That is until I discovered the new Monterey Motorsport Park development. Between the ideal location, along with the great layout where I can combine my business office with some shop space and room for my motorcycle collection and memorabilia too, becoming an owner was not a hard decision to make.”

– Wayne Rainey, Moto GP Champion

California native, Wayne Rainey, had an extraordinary career as a motorcycle racer, including seven years on the Moto Grand Prix circuit. He was crowned champion of the 500cc class in 1990, 1991 and 1992. Throughout his years on the circuit, Wayne had 24 wins and made the podium 65 times in just 95 starts.

Wayne is just one of many who have discovered Monterey Motorsport Park, a high-end garage-condo facility and motorsports-oriented community located adjacent to Monterey Regional Airport. With spacious mezzanines accessible via interior stairs or optional lifts for mobility-impaired individuals, the community is ideal for people to store collections, large or small, of cars or motorcycles — and create a luxury retreat or personal office in the lofty space overlooking the garage or shop floor.

Don’t Get Left at the Starting Line

Although you may have heard or read that construction just recently started, you can’t afford to be slow off the line. Concrete has been poured and steel is rising on the site. (See our live cam here.) More importantly, already approximately 50% of the units have been presold. So if you’re thinking about joining Wayne Rainey, Gordon McCall and the long list of interesting and like-minded collectors and motorsports enthusiasts, don’t wait!

For more information about this exciting, next-generation garage-condo storage facility and car-driven community, contact one of our brokers right away:

You can also get in touch with Gordon McCall, who’s part of the development team and will be relocating his business — McCall Events — to the community upon build-out, at mccall57@aol.com, (831) 372-9311.

Or you can contact Ralph Borelli at ralph@ralphborelli.com, (408) 521-7117.

Ample Amenities Set Luxury Garage-Condo Community Apart

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Fiber-optic Internet connections, extraordinary security and EV charging stations for your car

Car collectors and motorsports enthusiasts are choosing Monterey Motorsport Park’s luxury garage-condos for a variety of reasons:

  • Because the shortage of residential garage space that’s typical of many homes in Carmel and other Monterey Peninsula communities means storage space for valuable cars is extremely scarce
  • Because mezzanines built into every unit are ideal to customize as personal offices, luxury retreats or to provide additional storage off the garage floor
  • Because Monterey Motorsport Park is attracting owners who want to be part of this unique car-oriented community

But beyond these obvious draws, what makes these upscale garage-condos unique are the many desirable amenities included with the individual units or offered as community benefits.

Start with Fiber-based Internet Service…End with a Car Wash On-Site

When you purchase at Monterey Motorsport Park, you’ll enjoy:

  • Blazingly fast fiber-optic Internet service — Need to access video or download huge files? Planning to operate a business that requires consistently high bandwidth? We’re bringing the unmatched speed of fiber into the Monterey Motorsport community, which will enable you to opt in to whatever level of Comcast broadband service you require — such as Gig-speed service from Xfinity and a variety high-speed Comcast Business Class services up to 1 GB. So, you’ll always have the access you need, day in and day out.
  • Security — Completely fenced perimeter with 24×7 access-controlled entrance gates, abundant lighting, and pro-active remote guarding from Elite Interactive Solutions. Highly trained security agents respond to on-site alerts with the goal of “warning off” intruders via a facility-wide speaker system — to stop break-ins before they occur. Learn more
  • Phone-Cable TV — Enjoy Voice over IP (VoIP) phone service via your fiber-optic Internet connection. Plus, you can opt for cable TV access as well.
  • EV charging stations — Conveniently charge your electric vehicle at the on-site charging stations.
  • Handy car wash — Give your car a quick scrub at our on-site car wash, which fully complies with best management practices (BMPs) as set forth by the EPA for Storm Water Pollution Prevention.
  • Accessibility for trailers and rigs — A consultant has conducted a turning analysis for car deliveries by 55’ semi-trailers, access for 30’ motorhomes and passenger cars pulling 20’ boat trailers. The purpose is to validate the flexible access that the parking lot will provide. The results are detailed here. While some of the individual units will accommodate these medium-sized trailers and rigs, many units will not due to a limited turning radius or inadequate driveway width. Consult with our brokers to find a unit that meets your needs.
  • Water and electrical — An internal water loop and waste line is available if you’d like to install a private restroom and/or sink in your garage-condo. All units are individually metered for electric service, with a 200-Amp sub panel, single phase, 120/208V.

Inventory Is 50% Spoken For

Monterey Motorsport Park has been attracting interest from across the Monterey Peninsula, with around 50% of the space already reserved before work began at the site in December. Construction is now steadily progressing, with completion expected by the last quarter of this year. Check out the live construction cam here.

Don’t delay! To learn more about this unique, next-generation car community and garage-condo storage facility, contact one of our brokers right away:

You can also get in touch with Gordon McCall, who’s part of the development team and will be relocating his business — McCall Events — to the community upon build-out, at mccall57@aol.com or call (831) 372-9311. Or you can contact Ralph Borelli at ralph@ralphborelli.com or call (408) 521-7117.

Accelerate Your Real Estate Tax Write-offs at Monterey Motorsport Park

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Cost Segregation Key to Potential Savings

Traditionally, business property has been presumed to have a useful life of 39 years. Owners deduct the cost of a property — minus the land value — over four decades.

But what if you could accelerate the deductions — writing off substantially more in the first few years when your out-of-pocket costs to buy are the greatest — so that your net after-tax cash outlay is significantly reduced? That’s precisely what happens when you take advantage of an IRS-recognized practice called cost segregation. And it can make purchasing a garage-condo at Monterey Motorsport Park for business or investment purposes much more affordable.

Cost Segregation Accelerates Write-offs of Up to One-Sixth of Unit’s Value

Based on an engineering study conducted by a highly qualified expert, cost segregation breaks down a property’s value — minus 20% for the land — into 5-year, 7-year, 15-year, and 39-year components. The shorter-life components include personal property such as carpeting, cabinets and wall coverings — as well as land improvements such as paving, concrete, fences, interior partitions, electrical, and plumbing. These represent up to one-sixth of a unit’s value at Monterey Motorsport Park that can be written off in the first year, thanks to their short useful lives PLUS large bonus depreciation write-offs available under the tax code.

Upheld in IRS Reviews and Audits

Cost segregation, backed by detailed engineering studies, has been upheld repeatedly in IRS reviews and audits over the past ten-plus years. This is not some high-risk, only-for-the-most-daring scheme. It’s a proven, practical technique your CPA will completely understand. And it can make the purchase of any commercial property for business or investment purposes — such as the distinctive garage-condos at Monterey Motorsport Park —highly affordable on an after-tax basis.

Want to learn more and have something you can share with your CPA? Download our free, informative cost-segregation white paper — written with input from a CPA, based on a cost-segregation study by our expert engineering consultant. There’s no obligation.

Construction Proceeding Steadily at Monterey Motorsport Park

Located adjacent to Monterey Regional Airport along Highway 68, Monterey Motorsport Park represents the next evolution in upscale, luxury garage-condos. The four-building, 90,000 sq. ft. complex offers a total of 86 units ranging from slightly less than 700 sq. ft. to nearly 2,100 sq. ft. — although the selection is dwindling rapidly with approximately 50% of the space reserved. Construction is now underway (see our live cam), with the opening scheduled for the 4th quarter of this year.

If you’d like to know more about what this uniquely conceived car community has to offer a business owner or investor like you, contact one of our brokers or development team members:

•     Dennis Chambers, dennis-chambers@outlook.com, (408) 605-6760

•     Josh Jones, Cushman & Wakefield, Josh.Jones@cushwake.com, (831) 647-2106

You can also get in touch with Gordon McCall, who will be relocating his business — McCall Events — to the community upon build-out, at mccall57@aol.com or call (831) 372-9311. Or contact Ralph Borelli at ralph@ralphborelli.com or call (408) 521-7117.

Never Mind the Rain: Concrete Pours at Monterey Motorsport Park

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Construction is moving into the fast lane at Monterey Motorsport Park. Taking advantage of a break in the rain this past week, SWENSON Construction conducted the first of several major concrete pours at the luxury garage-condo facility and car community.

The initial pour began at 7 a.m., with the last truck arriving at 2:30 p.m. Saw-cutting of the slabs started at around 2 p.m. and wrapped up just before dark. All together, more than 340 cubic yards of concrete were poured to create the slabs for all of Building A and the lower half of Building B at the four-building, 90,000 sq. ft. complex.

Assuming that the weather cooperates, the plan is to complete the pour for the remaining building slabs over the coming week. All the prep work is done — the crews are just waiting for some additional sunshine to get the trucks back on-site.

Structural Steel Is Next

Once the concrete has been poured, look for the structural steel supplied by subcontractor, East Bay Construction, to start rising as early as late this week. The use of steel supports is another example of the high-quality construction going into these luxury garage-condos.

Follow the rapid progress of construction at Monterey Motorsport Park by checking out our live cam here or our construction photos here

Opening in Q4 2019

Monterey Motorsport Park represents the next generation of upscale garage-condos, designed to appeal to car collectors, motorsports enthusiasts or individuals and businesses that need additional, quality storage space.

Every unit features roll-up doors to make it easy to move vehicles in and out, standard doors for owners and their guests to enter and leave, and a spacious mezzanine 13 feet above the garage floor. This mezzanine can be customized into a personal office or comfortable weekend retreat with sofa, wet bar, large-screen TV, or other amenities of an owner’s choice.

With construction progressing, completion is targeted for Q4 of 2019. Sales activity picked up over the holidays and is continuing into January, with the construction work now clearly visible on the site. Currently, approximately 50% of the units have been reserved — but that’s expected to begin increasing soon. To learn more about the available inventory, contact one of our brokers:

You can also get in touch with Gordon McCall, who’s part of the development team and will be relocating his business — McCall Events — to the community upon build-out, at mccall57@aol.com or call (831) 372-9311. Or you can contact Ralph Borelli at ralph@ralphborelli.com or call (408) 521-7117.

Zoning Approved for Specialty Auto Sales at Monterey Motorsport Park

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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

Construction Shifts Into High Gear at Monterey Motorsport Park

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The vision is becoming reality. Construction is underway and moving quickly ahead on the next evolution of garage-condos at upscale Monterey Motorsport Park — a unique car community that will offer 86 luxury garage-condos adjacent to Monterey Regional Airport.

The four-building, 90,000 sq. ft. complex is designed for individual car collectors and motorsports enthusiasts, small businesses — especially those catering to collectors, such as custom car-buying and selling services, and anyone who needs secure storage for personal or business items. Owners will enjoy the reassurance of a facility that features 24×7 controlled access, plus pro-active remote guarding from Elite InteractiveSolutions.

Finding our Footing: Construction Begins Step-by-Step

Here’s an overview of the progress to-date at Monterey Motorsport Park:

  • Building permit issued —  After an extended approval process, we now have our building permit and are proceeding full speed ahead.
  • Site infrastructure largely in place — California requires extensive storm water runoff management to safeguard the pristine Monterey Peninsula environment.After initial grading, general contractor SWENSON has now completed most of the site work infrastructure necessary for our storm and sewer systems — and has begun work on the sophisticated underground catch-basin detention systems for the complex.
  • Most building footings completed — Footings for buildings B, C and D in the four-building complex are complete, so work on retaining walls can begin. A split-face masonry wall for building A has already been erected, with preparations underway for pouring the building A slab — scheduled for January (weather permitting).
  • Structural steel arriving on-site — Subcontractor East Bay Construction has begun creating the structural steel that will be required for the high-quality buildings. The beams will begin arriving on-site soon, with a mid-January target.

Remember, you can always follow the progress of construction by checking out our live cam on the website here.

Opening Set for 4th Quarter of 2019

Now that construction is underway, we’re targeting completion for October of 2019. We’re confident this is very realistic, assuming that we don’t have a wetter than normal winter or encounter other unexpected issues.

But with the opening now just months away, buyers’ plans are firming up and approximately half of the garage-condo units at Monterey Motorsport Park have been spoken for. So even with the holidays upon us, don’t wait. For full details on the remaining opportunities at this unique garage-condo car community, contact one of our brokers right away!

Construction has Begun

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Construction Begins at Monterey Motorsport Park Upscale garage-condo complex scheduled to open in the late third quarter of 2019

Monterey Motorsport Park — a high-end garage-condo facility and car community designed to appeal to car collectors, motorsports enthusiasts and primarily automobile-related businesses — has begun construction along Highway 68 adjacent to Monterey Regional Airport. The 86-unit, 90,000 sq. ft. complex with luxury garage-condos ranging from around 700 sq. ft. to 2,100 sq. ft. is expected to open in the late third quarter of 2019.

Read more from the Carmel Pine Cone (page 21)

Resales of Monterey Garage-Condos Setting Records

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Extremely limited inventories driving resale values higher — pointing to long-term investment potential

Garage Unlimited of Monterey set the standard for luxury garage-condos on the Monterey Peninsula. Now the second project, Monterey Motorsport Park is taking these exclusive, specialty storage facilities and car communities to the next level.

But you may have wondered: are these upscale garage-condos good investments? Based on the early valuation trends from resales at Garage Unlimited of Monterey, the answer is yes.

Gains of Up to 30% or More

The initial sales prices of the now sold-out garage-condos at Garage Unlimited of Monterey — which opened in May of 2017 — were based on an average of around $250/sq. ft. But in today’s extremely tight market — there are currently no resale units available at Garage Unlimited of Monterey, sister facility Garage Unlimited of Santa Cruz or the exclusive car collector-auto business community, Club Auto Sport, in San Jose — resale prices are rapidly approaching the average list price of $339/sq. ft. for the high-end garage-condos at Monterey Motorsport Park.

These increasing valuations for recent resales are true at both Garage Unlimited of Monterey and Club Auto Sport. For the handful of owners who have recently sold a garage-condo at either of these facilities, the attractive gains have come after holding periods of as little as 12–18 months. It goes without saying that past results are not necessarily predictive of the future — but the positive valuation trends couldn’t be much stronger right now.

Construction Starts at Monterey Motorsport Park

Construction has now begun at Monterey Motorsport Park, the successor to sold-out Garage Unlimited of Monterey — and the only place car collectors and motorsports enthusiasts can buy one of these luxury garage-condos at the present time. Check out the live construction cam here. 

The modern, four-building complex offers a total of 86 units and is located along Highway 68 near the Monterey Airport. Among the extraordinary features and amenities are:

  • Units ranging from about 700 sq. ft. to 2,100 sq. ft.
  • Mezzanines high above the garage floor in every unit, perfect for customizing into an office, luxury retreat or an additional storage space
  • Access to high-speed, fiber-optic Internet service, with optional cable TV also available
  • An internal water loop, so owners can add sinks, showers or private restrooms in their units
  • A fenced perimeter, access-controlled entry and pro-active remote guarding by Elite Interactive Solutions
  • Oversized rollup doors for vehicle access and walk-in doors for owners and their guests
  • Plenty of daytime parking, with the ability to handle trailers of various sizes — plus access for big rigs to unload cars

Inventory Is Going Fast

Although construction isn’t expected to be complete until the late third quarter of 2019, already more than 50% of the units are reserved. But there still remains an ample selection to choose from. For more information about this unique, next-generation car community and garage-condo storage facility, contact us today

In Their Own Words; John Olsen

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Occupation

  • Retired
  • Formerly an auto mechanic and owner of Classic Coachworks European car service in Monterey

Why He Bought

Olsen’s friend and long-time Classic Coachworks customer is the owner of the luxury garage-condo. Residing out of state, with a second home on the Monterey Peninsula, this classic car enthusiast had frequently brought cars in his collection to be serviced by Olsen.

With Olsen selling Classic Coachworks and retiring, the two saw Garage Unlimited as an ideal place to create one of the most elite private auto shops in the area. German spec lifts. Custom-made benches with a complete complement of tools and equipment. Polished concrete floor. Everything pristine.

And the finishing touch? A high-end McIntosh sound system playing while the owner, Olsen and friends gather to work on their cars.

What’s in his Garage Condo

  • 1974 Alfa Romeo GT Veloce Custom Turbo
  • 1965 Alfa Romeo GTA coupé
  • Others on a rotating basis

“The owner is just a really great car guy. He doesn’t go in for any of the fancy exotics. In addition to the Alfas, his cars are all originals and include a 1962 Range Rover, a 1974 Jensen Interceptor, a pair of Mercedes Benz convertibles, a 1977 Ford Bronco, and many more. And he drives and works on them all,” Olsen says.

What He Likes Most

“Garage Unlimited is a very cool concept — it’s a really nice facility. They did a beautiful job on it. I enjoy coming out here, hanging out with people in the other garage-condos and tinkering on cars in what’s basically a Formula One caliber shop,” comments Olsen.

Find Yourself at Monterey Motorsport Park

Garage Unlimited of Monterey is a close affiliate of Monterey Motorsport Park — developed by the same team that’s now working on the next generation of upscale, luxury garage condos under construction adjacent to Monterey Regional Airport.

To learn more about Monterey Motorsport Park and check availability, contact us today! 

In Their Own Words; Steve Fremgen

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Occupation

  • Auto mechanic and owner of Coppa Bella Motors, which provides restoration, repair and maintenance on Ferrari sports and racing cars
  • Has been working on Ferraris for more than 35 years — initially at dealerships, then in other independent shops, until he opened his own shop in 2010

Why He Bought

Had to move out of his existing place in Seaside, near the auto mall. Another shop in the building had first rights to the space and it needed to expand.

Wanted someplace where he could control his workspace and not have to move again. Preferred to own, so his payments would be an investment, not money that was simply spent over the years.

What’s in his Garage Condo

  • 1955 Ferrari 750 Monza
  • 1987 Ferrari 328

“I work on a lot of different Ferraris,” Fremgen says. “Those two cars happened to be in my shop when the photos were taken. If I had to choose, I guess my favorite Ferrari is the F40. That was the last car to be signed off personally by Enzo Ferrari before he died.”

Fremgen continues, “I customized my garage-condo with an office on the ground floor under the mezzanine. I also built a tool room/unit room — where I can work on an engine or transmission unit in a cleaner space, with immediate access to all of my tools. I use the mezzanine for parts storage,” he adds.

What He Likes Most

“The location is great,” Fremgen remarks. ”It’s beautiful up here with a view of the forest just across Highway 68. The building is attractive and the gated security is important. I also love the large parking lot — it’s big enough for transporters to enter and maneuver around. A number of my cars come via transporter, so it’s nice that they don’t have to block the street.

“I’m getting to know my neighbors here. Many people aren’t here daily, but those who are will drop by to chat or come down to see what I’m working on. It really feels like a community,” he concludes.

Find Yourself at Monterey Motorsport Park

Garage Unlimited of Monterey is a close affiliate of Monterey Motorsport Park — developed by the same team that’s now working on the next generation of upscale, luxury garage condos under construction adjacent to Monterey Regional Airport.

To learn more about Monterey Motorsport Park and check availability, contact us today!