Florida East Coast Industries President and CEO Vince Signorello resigned from his position on Tuesday with plans to launch his own real estate investment and development firm.
Signorello left FECI as the company wraps up construction of its Brightline stations and rail service from Miami to West Palm Beach. He led the Coral Gables-based real estate, transportation and infrastructure company for nine years.
“This transition will give me a chance to focus on what I love the most: raising and deploying capital, working directly with investors and partners, and building teams capable of creating transformative real estate projects,” he said in a statement.
Signorello was at the helm of the planned Brightline project, a $3 billion express-train service. It’s scheduled to start service between Fort Lauderdale and West Palm Beach in “late summer” of this year, and will offer express service, traveling at an average of 80 miles per hour between Miami and Orlando. After the first trains begin running between Fort Lauderdale and West Palm Beach, service will begin to Miami. The Orlando route and station have been delayed due to litigation.
FECI is owned by funds managed by Fortress Investment Group. Signorello joined FECI from Fortress, where he led investment in the company.
FECI said in a statement that Signorello will lead a new partnership to “develop certain assets of FECI.”
Dave Howard, CEO of Brightline Trains, Mike Reininger, executive vice president of FECI and director of Brightline Development, and Bruce Snyder, CFO of FECI, will continue to lead the company.
In November, Signorello spoke out against the glut of luxury condo development in downtown Miami. “When the conversation is about development and all the wonderful things happening, it seems we are talking about the movie we want Miami to be, rather than the Miami we actually live in … If we are honest with ourselves, I am not not sure Miami gets a high grade in affordability and creating a place where everybody can enjoy this incredible environment,” he said.
Signorello was not immediately available for comment.