All Aboard Florida to spend $320M on real estate for service

All Aboard Florida plans to spend $320 million on the development of largely commercial real estate as part of its passenger train service.

There will be offices, retail, entertainment venues and residential properties developed along the track. The developer estimated the total cost of the project at $2.6 billion

The service will connect Orlando and Miami. The latter station is expected to have more than 1 million square feet of development projected to cost $325 million. Rent at the Miami terminal is $35 million, sources told the South Florida Business Journal.

Last year, Florida East Coast Industries, an affiliate of Flagler Development, put the cost of its proposed plan for the service at $1 billion, as previously reported. [South Florida Business Journal] — Mark Maurer