The Wayne County Commission has unanimously signed off on the sale of a failed former horse racing track in Huron Township to a Texas-based developer that plans a $40 million project.

The nearly $4.9 million purchase for about 650 acres that includes the former Pinnacle Race Course is not yet final and Hillwood Enterprises LP, which is Ross Perot Jr.'s real estate company, is still doing due diligence as it explores a redevelopment. Closing is expected by Dec. 1 with construction on new light industrial and warehouse space beginning in the spring.

It's the latest repurposing of property in Michigan's horse racing industry, which in recent years has seen redevelopment plans emerge and begin to materialize for the former Hazel Park Raceway and Northville Downs properties.

The former race track on Vining Road between Sibley and Pennsylvania roads is sandwiched between a pair of county-owned properties to the east and west, making the total 650-acre development area. The county has exercised its right of first refusal to purchase the property. The state and township have already declined to purchase it.

Crain's reported in July that Hillwood and Detroit-based Sterling Group are working together on the development. The two companies have worked together before on the Shelby Township distribution center for Amazon.com Inc. on the site of a former Visteon Corp. auto parts plant.

Khalil Rahal, assistant county executive, said Thursday morning that it's not yet known how much of the 650 acres is developable.

"We have a decent idea, but there are significant amounts of conservation easements, wetlands and right-of-way issues," he said. "We know there is a significant market for light industrial and warehouse in the area with two freeways, the airport, and vacancy rates are tight right now."

Post It Stables Inc., the previous Pinnacle owner, had until March 31 to redeem the property from property tax foreclosure on approximately $4.9 million in back-due taxes but failed to do so. Rahal said a broker opinion of value showed that all 650 acres are worth between $2 million and $4 million.

A Hillwood spokeswoman, Elizabeth Carpenter, declined comment Thursday morning before the 14-0 commission vote.

"Pinnacle has been a difficult chapter for Wayne County and Huron Township, and there is a lot of work yet to do, but I'm excited about the prospect of selling Pinnacle to people who are going to finally put it to productive use in a way that makes sense for this location," Wayne County Executive Warren Evans said in a press release. "It's a large tract of land near a renowned international airport and there's a lot of potential for development that will help expand our tax base and create jobs."

Rahal said in a July interview that a January request for qualifications for the property was active for 49 days and sent to more than 900 companies in an effort to solicit offers. Just two responses were received: one from Hillwood and another from Detroit-based New Era Community Group Inc.

Rahal said two months ago New Era was "never able to provide proof of sufficient financing in order to make the county comfortable to exercise the right of first refusal in the time we need."

The county wanted to avoid the property going to a tax-foreclosure auction.

The race track was open 2008-10 and it had been listed for sale for $8 million three years ago. The county spent $26 million during the Robert Ficano administration putting infrastructure to the site to get the track open, Rahal said during an interview earlier this year.

At the time of the 2016 property listing, demolition on the site was taking place as a result of the county threatening a nuisance abatement lawsuit.

The property featured a 1-mile horse-racing track, a 12,000-square-foot pavilion with restaurant and bar equipment, 15 horse stables and significant paved parking space, according to the listing from Southfield-based Signature Associates Inc., which had marketed the property.