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

Advertisements