No State Funding for All Aboard Florida
Miami, FL (July 15, 2014) – Today, Florida Department of Transportation Secretary Ananth Prasad penned a letter to All Aboard Florida restating the state's commitment not to invest state funding in the project. We welcome these clarifications and the opportunity to continue setting the record straight, as many followers of the project, including the media, characterize All Aboard Florida as a public project that is requesting state dollars. To reiterate, this is a privately-funded project.
“All Aboard Florida informed the Florida Department of Transportation (FDOT) and the South Florida Regional Transportation Authority (SFRTA) that the incremental cost required to allow for future commuter rail service into its Miami station would be $44 million. All Aboard Florida sent FDOT a breakdown of the $44 million so it could be independently reviewed. Therefore, SFRTA's ability to secure those funds will dictate whether or not its operations can be incorporated into All Aboard Florida's downtown Miami station,” said P. Michael Reininger, President and Chief Development Officer of All Aboard Florida.
We encourage anyone who has a question about the incremental cost to contact SFRTA.
About All Aboard Florida
All Aboard Florida is an intercity passenger rail project being developed by Florida East Coast Industries, Inc. (FECI) — owner of Florida's premier passenger rail corridor — that will connect Miami to Orlando with intermediate stations in Fort Lauderdale and West Palm Beach. This rail service will give Floridians and visitors a viable transportation alternative to congested highways and airport terminals. All Aboard Florida will provide a high-quality experience for passengers and will be the first privately owned, operated, and maintained passenger rail system in the United States. For more information, visit www.AllAboardFlorida.com.
About Florida East Coast Industries
Florida East Coast Industries, LLC (FECI) is one of Florida's oldest and largest full-service commercial real estate, transportation, and infrastructure companies. Headquartered in Coral Gables, Fla., FECI has a rich history dating back over a century. Mr. Henry Flagler first established a predecessor company in 1892, which became a pioneer in the development of Florida's eastern coast. Today, FECI continues to transform Florida as the parent company to four distinct business lines including Flagler, a full-service commercial real estate company; All Aboard Florida, the United States' first privately owned and operated intercity passenger rail system; Flagler Global Logistics, an integrated logistics company that offers a wide range of logistics services and real estate solutions; and Parallel Infrastructure, a leader in third-party Right of Way (ROW) investments and management services. FECI is owned by private equity funds managed by affiliates of Fortress Investment Group, LLC. For more information, visit www.feci.com.