Brightline is moving forward with plans to build a commuter rail system from downtown Miami through Aventura and Broward in Miami Dade.
In a report to investors released on Friday, the company said it sold the commuter rail access rights in Miami-Dade and Broward for $245 million.
The buyer was an affiliate of Brightline. The commuter rail rights run for 93 years, the company said.
On February 10, the affiliate closed on the remarketing of $285 million of bonds, which have a 2056 maturity date.
The proceeds are expected to be used for continued construction and other project costs. They are expected to be securitized in the future, with annual access payments from Miami-Dade and Broward pending definitive agreements.
There company says there will be up to five new stations built between Miami Central and Aventura, for a total of seven possible stops.
The project will require new track and rail infrastructure, along with new commuter-only stations that won’t be served by Brightline’s intercity service. The commuter rail service may also have separate branding.
Miami-Dade County Commissioners approved a deal on February 1 with infrastructure design firm HNTB. The County and HNTB are currently finalizing the scope for the 30% level of infrastructure drawings and the county is on track to issue a Notice to Proceed in March.
Also on February 1, the county received documents from the Federal Transit Administration indicating the project is expected to qualify for the fastest route of three possible review types under the National Environmental Policy Act, in what is called a Categorical Exclusion.
In Broward, FDOT and the county have been soliciting feedback and holding public workshops on station locations and New River Crossing options, and are expected to release a Locally Preferred Alternative within months.
Brightline carried 64,243 passengers on its intercity rail service in January. Total revenue was $1.5 million, or 93% of what it was in January 2019.