Florida board approves $1.75B in bonds for Brightline

Financing will allow Brightline to expand rail service to Orlando

TRD MIAMI /
Aug.August 30, 2018 12:30 PM

Brightline (Credit: Brightline and nsldc.org)

All Aboard Florida just scored approval of $1.75 billion in bonds for phase two of Brightline, which will allow it to expand rail service to Orlando.

The Florida Development Finance Corp. on Wednesday approved issuing a new series of federal tax-exempt bonds, valued at $1.15 billion, and the refinancing of $600 million in previously approved private-equity bonds for the first phase.

The high-speed rail faced a number of roadblocks in districts along the Treasure Coast, where opposition for the Brightline is strong. Indian River County Attorney, Dylan Reingold, told the News Service of Florida there’s been “low ridership numbers,” and alleges the service will not be successful financially. Brightline was also challenged by Martin County, which filed suit in 2016 in an attempt to block the project.

On the other hand, supporters of Brightline say it will add economic growth to the state by removing cars from the highways and giving tourists more travel options.

All Aboard Florida, which is owned by Fortress Investment Group, launched service from its Miami station in May, and is targeting a 2021 date for the West Palm Beach to Orlando leg. The company is also in talks with the state on pursuing an Orlando-to-Tampa route. [Sun Sentinel] – Amanda Rabines


Related Articles

arrow_forward_ios
Brightline president Patrick Goddard and Park-Line Miami (Credit: iStock)

Brightline launches leasing of apartment towers at MiamiCentral

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Daily Digest Miami

Gil Dezer, Related complete Residences by Armani/Casa, hedge funder, wife drop $105M for Palm Beach estate

(Credit: Redwood Media Group)

Developers and brokerages are getting creative for Art Basel

Parkline at MiamiCentral (Credit: Suffolk, iStock)

Suffolk fights back against developer over MiamiCentral delays

ADF lawyer Stuart Sobel and Virgin MiamiCentral

Virgin MiamiCentral station developer and builder to pay $10.5M settlement

Daily Digest Miami

Forever 21’s Lincoln Road store among planned closures, downtown Miami office building hits the market: Daily digest

South Florida Logistics Center

JPMorgan buys Amazon-leased warehouse next to Miami International Airport

arrow_forward_ios
Loading...