Florida Development Finance Corp unanimously agreed to give the Brightline’s Miami-to-West Palm Beach to Orlando railway expansion the go-ahead. Federal tax-exempt bonds amounting to $1.15 billion and $600 million will be channeled to this project. The expected date of completion is 2021, and within it is a plan to expand to Tampa. Bridghtline, which is a subsidiary of Fortress Investment Group, has been successful owing to the partial completion of the route. Its trains started running trains to Fort Lauderdale from West Palm Beach in January and expanded to Miami in May this year. This alternative has helped many people beat the rush hour traffic.
Sunshine state is expected to benefit from this venture by Fortress Investment Group especially due to the removal of cars from the highway. It also presents a travel option for tourists as they explore different attractions that Florida has to offer. Trains make several journeys from Miami to West Palm Beach travel in a day with more of this happening during weekdays than weekends. This trips only last 74 minutes with an intermediary stop at Fort Lauderdale.
There are chances that a new train station will be added to the route before the trains can head inwards towards Orlando. Now, Fort Pierce, Stuart, Cocoa, Sebastien, and Vero Beach are the cities under this consideration. The approval of those funds towards this project is expected to create more than 2000 jobs and an economic impact worth $2.4 billion.
Patrick Goddard, who is the President at Brightline say that the addition of Orlando to the train route will create more than 6600 jobs in central Florida alone. It will also bring construction opportunities worth $400 million within that area. Brightline is proposing to the Department of Transportation in Florida to use the Interstate 4’s median between Tampa and Orlando. The idea is to facilitate the building of a railway in that area. This is going to be one of the major infrastructural projects of the company.
Fortress Investment Group is a world-acclaimed and highly diversified investment management firm. Its operations and vast experience encompass a range of investment strategies that include private equity, traditional asset, management, credit, and liquid markets. Fortress Investment Group expedites all these operations on behalf of more than1500 institutional investors and private clients all over the world. Fortress Investment Group also focuses on transportation, media, healthcare, real estate, as well as infrastructure.