Fortress Investment Group Assisted In The Funding Of Brightline High-Speed Rail Project

Florida is one of the eventful states in the United States and receives numerous tourists from different parts of the world. Some of the noticeable features in this state include Daytona Raceway, Disney World and a good number of military assets. While it might be termed as one the busiest states, Florida does not have reliable public transport, and infrastructure in the area needs to be improved to increase economic and social benefits. All Abroad is one of the companies in the region that is determined to improve connectivity between major cities through the development of high-speed railways. Fortress Investment Group, a leading global investment manager, had agreed to assist in the funding of All Abroad Florida as they establish transportation networks in the country. The company has already managed to establish these networks in some southern parts of Florida, and with the financial boost from Fortress, they can now expand them in the northern part as well.

Fortress Investment Group assisted All Abroad in securing a $1.65 bond, and this fund will be utilized in upgrading transportation network with Brightline high-speed rail project. Once the project is completed, traffic congestion is expected to reduce drastically, and residents will enjoy numerous economic benefits. The local government from cities along the Treasure Coast highly opposed the rail project stating that the need for public transport is already outdated. The local government at Martin County went to the extent of filing a lawsuit against all All Abroad projects. However, the lawsuit did not succeed because companies such as Fortress Investment Group overcame them by stressing on the importance of having good public transport in Florida.

Some of the benefits of public transport as highlighted by Fortress Investment group include social benefits. When people travel from one place to another using public means of transport, an aspect of integration and interaction between people of different backgrounds blossoms. This interaction brings about cooperation proving the phenomenon of the contact hypothesis. Public transport also brings economic benefits in the form of reduced externalities because there is the facet of reduced externality costs of pollution and traffic. Efficiency in public transit can also reduce transaction costs in the city, and this is part of economic efficiency. Also, the improved transport networks will lead to growth in employment and business opportunities, since previously unreachable areas will now be accessible. All these social and economic benefits will now be possible thanks to the Brightline deal as enabled by All Abroad Florida, Fortress Investment Group and Florida Development Corporation, the company that approved the bond and declared it tax as exempt.

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