Welcome to Part 2 of the quintamodal update where we take a dive into the rail transportation sector and look at the expanding train projects in our local area!
The wider Orlando area is well-known for its numerous amusement parks and other attractions, which attract visitors to Orlando International Airport and the local transit system. Although customers will not be able to board Brightline trains until 2023, Orlando did receive its first train this week, which will transport people from Orlando to Miami and back. Middlesex Corp. finished a 3.5-mile portion of the Brightline rail expansion between West Palm Beach and Orlando, which ends at the airport’s multimodal complex, late last month. Zone 2 is one of four zones of the 172-mile extension of the higher-speed rail line from West Palm Beach to Orlando, which costs $2.7 billion.
The alignment travels beneath taxiways and the airport people mover track as well as crossing over airport highways. A 1,700-foot trench, six box beam bridges, two underpasses, an interchange, and a roundabout were all part of the project. This is going to bring ease within traveling in the state and lessen up the traffic count if more people take this train, we’ll see more of an influx of people travelling inwardly towards Orlando bringing more business and overall creating a more interconnected community for effortless transportation to and from Orlando. We are hoping this brings new faces to the Orlando area. Trains help bring down traffic and promote the use of public transportation. It’ll help with the ever growing population of Florida and it’ll be a way to reach other places in Florida without having to worry about gas, mileage, and other things of that matter with less barriers to travel we are creating a greater incentive for new comers to explore the areas Orlando has to offer.
An improved rail service and overall transport infrastructure will ultimately result in more attractive opportunity for real estate investors. A joint study conducted by the American Public National Association of Realtors, released in 2019, found that commercial properties that were located within a half-mile radius of public transit services seemed to have higher median sale prices than those located farther away. Based on an examination the report noted that residential sale prices were 4 to 24 percent higher, and that commercial property values increased 5 to 42 percent per square foot. The networks also provide additional business-generating connections that ultimately increase property value further. As undeveloped transport infrastructures are evaluated and revamped, areas without robust regional networks should plan to incorporate them as much as possible. Given the positive influence on commercial real estate, developers should support thoughtful inclusion of regional connections into the cities in which they are building.
Owners, developers, investors, or any stakeholder who wants to gain a competitive edge in the market must understand the importance of monitoring today’s shifting transportation, especially in developing regions such as Orlando. We must prepare for its impact on commercial real estate development both now and for the near future which is looking better than ever for our region.
Check out the full video here! : https://youtu.be/bJLwfa-yMl0