Piling Work At MiamiCentral Nearly Complete, All Aboard Florida Gets Green Light For $1.75B Financing

All Aboard Florida received approval yesterday from a Florida board to issue $1.75 billion in tax-free bonds, just as the company is completing piling work at the MiamiCentral station.

The company will now be able to pay off $405 million worth of bonds issues last year that sold at a 12 percent interest rate, which were used to begin work on stations and tracks in the Miami area. The yield on those bonds had drifted up to nearly 15 percent in light trading at one point.

The new bonds will be unrated. However, the interest rate will likely be lower than last years sale, which were riskier and contained several provisions that were investor unfriendly.

Marketing for the bonds will begin within a month. The debt sale must be completed by the end of the year to retain tax-exempt status, but legal challenges from Treasure Coast governments are still pending.

At MiamiCentral, all 1,600 piles have now been drilled, with each reaching a depth of 100 feet. Workers were seen starting track work in the area last week, along with new pilings for piers that will help elevate the rail track 50 feet above street level.

Total cost of the project is estimated at $2.5 billion, with AAF investing $700 million in equity.

 

piers will elevate track 50 feet here:

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Marc305
6 years ago

This station is located in a great spot, all we need now is for Baylink to be added connecting Downtown with South Beach.

Baylink Please!
6 years ago

Imagine the building boom that would occur in downtown if Baylink was implemented from here. Trains leaving every 20min for the beach. Express with only 1 or 2 stops.

Marc305
6 years ago

It maybe a little closer, check out this article, keeping fingers crossed.
http://www.miamitodaynews.com/2015/08/04/beach-moving-ahead-on-bay-link/

B
6 years ago

Let’s not call it Baylink until the most important part linking across the Bay is being done.

Yet Another Anonymous
6 years ago

I’ve always thought since the first renderings that they were shooting themselves in the foot a little putting the ACTUAL station so far north, actually adjacent to overtown not government center station. This is because they want to build the biggest building at the south end that needs to sit directly on the ground and can’t be over the station. Of course real estate is a huge part of this but in the long run they are taking a short cut on the infrastructure that is most important.

Anonymous
6 years ago

How is it not a good thing to connect more of this disconnected city?

Yet Another Anonymous
6 years ago

Be better to connect more closely to the well known government center station.

Anonymous
6 years ago

That’s a bit short-sighted. Government center station is already connected. This prompts further connection and development.

John
6 years ago

Are the old apartment buildings Arena Towers and Biscayne View (dont remember the new names) going to be torn down as a part of this project?

marc
6 years ago

They are not part of this project.

Marc305
6 years ago

That yellow building in the first photo is by far one of the worst buildings I have ever been in and I have been to just about all of them. I am not sure how it will do once all these projects are completed, I hope one day it will be torn down and replaced by something much better, only time will tell…

Anonymous
6 years ago

Leave the yellow building alone. It may not be beautiful but it was the first of it’s size for that area.

John
6 years ago

LOL. It wasn’t that bad when I lived there back in ’97. Looking at the mockups its hard seeing how they will fit the building and platform in that narrow space. I’ll be traveling to Miami next week. I’ll get a closer look then.

laz
6 years ago

Park Place by the Bay was really the only real rentals in downtown till about the mid 2000’s.

I notice that its being painted to more modern colors Greys and Blues probably to match better with the area, honestly all that building needs is to have the units redone with better kitchens and baths and they can charge 1500 for a 1 bedroom

Anonymous
6 years ago

Not everything has to be a luxury condo.