Brightline, a railroad transportation company, recently announced that a unanimous vote of three to zero by the Florida Development Finance Corp has brought about a needed $1.15 billion dollars in Federal bonds and a refinancing of 600 million dollars in private equity bonds. These approvals were needed to expand the Miami to West Palm Beach Route of train service the Brightline offers. The improvments are not slated to be finished until 2021. Brightline is also working towards expansion to Tampa Bay and Orlando, with a stop in Fort Lauderdale.
Brightline is owned by Fortress Investment Group, an assest management company. Fortress has invested money in several different companies in several different economic areas such as real estate, media, and transportation. With this financial boost, Brightline will be creating an estimated 2,000 jobs and generating a revenue worth $2.4 billion dollars. If the company expands to Orlando for railway service, it could create 6,600 jobs in this region of Florida with $400 million in construction revenues for companies.
So far, the future looks bright for Brightstar. Commuters enjoy the fact they are not on packed freeways fighting traffic. An average commute from Miami to West Palm Beach is 74 minutes, so the railway would be great for tourism. And Fortress Investment Group has another successful investment on their roster.
Fortress Investment Group was created in 1998 by Wes Edens, Rob Kauffman, and Randal Nardone. The group has over $41.4 billion dollars in assets currently. And they manage assets for over 1700 people or businesses. The assets they manage are a combination of credit, private equity, permanent capital investment strategies, and real estate. Fortress Investment Group employs over 1,100 people and are headquartered in New York, with affliate offices worldwide. As a joint effort, Fortress and Brightline are actively looking into offering rail service to other major connecting cities.