Passenger rail company All Aboard Florida expects to spend a total of about $2.4 billion to connect Miami to Orlando by private train and to develop the real estate along the track.
That total includes about $320 million spent on real estate development alone, according to sources who asked not to be named. The commercial development is expected to include offices, retail, residences and entertainment. The train would run mostly on existing FEC train tracks, with stops in Miami, Fort Lauderdale, West Palm Beach and the Orlando airport.
The Miami station alone, which All Aboard has characterized as a Grand Central-like facility, is estimated to have a little more than 1 million square feet of development at a cost of $325 million. The projected rent is $35 million, according to sources, who asked not to be named.
The Miami station has also recently been in the news because of its proximity to two parcels in Overtown that All Aboard is seeking to buy from a Miami community redevelopment agency. Company officials have said they plan to incorporate the Overtown parcels into the Miami station.
All Aboard has applied for a transportation-related federal loan to help cover the $1.5 billion cost of the upgrade to the rail infrastructure.
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