All Aboard Florida To Spend $320M On CRE Developments

All Aboard Florida Downtown Miami Corridor-LargeAll Aboard Florida plans to spend $320 million on the development of largely commercial real estate as part of its total anticipated expenditure of $2.4 billion for 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 Miami 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 Orlando Business Journal.

Representatives from All Aboard Florida have come to an agreement with Don Peebles and Barron Channer over a parcel of CRA land in Overtown that the two had submitted bids for to build apartments, a hotel, shops, restaurants and music venues.

All Aboard president Mike Reininger and Peebles are currently finalizing terms of the deal.  Reininger and Peebles say that the agreement will maintain components of All Aboard Florida’s proposal that will mesh with the proposed mixed-use railroad station.

Sources:  The Real Deal and exMiami

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South Florida Isn’t In Latin America – But It’s The Best Place For Doing Business There

The business magazine America Economia has ranked South Florida as the best place to do business in Latin America. That’s pretty cool since the region isn’t IN Latin America.

It’s actually the fourth year in a row Miami has been ranked that way, a newsletter from the Beacon Council, Miami-Dade’s economic development organization says. (A close look at Economia’s ranking table (below) indicates that it actually includes the entire region since the population listed is 5.7 million.)

Las Mejores Ciudades

South Florida was ranked first for infrastructure, regional platform for global business, corporate executive safety, corporate executive prestige, green city standards and best in executive salary to cost of living ratio.

The salary to cost of living ratio confirms why a lot of foreigners have been buying condos in the Brickell area.

Miami obviously has some great infrastructure with PortMiami, Miami International Airport and a growing mass transit system. There’s also the comprehensive business professional infrastructure, including international banking and law.

 

Source:  UBJ