Fortress Investment Group Ventures into the Rail System Business
In the month of May 2018, Fortress Investment Group launched the Brightline train with an inaugural run. The train which runs at a speed of approximately eighty meters per hour made its first run between Miami and Fort Lauderdale in less than thirty minutes. This is an impressive amount of time considering the fact that a car ride between these two areas takes more than forty-five minutes depending on the traffic situation at that time. The Brightline train has more to it than speed. The train is also passenger friendly as it has the most comfortable seats made of leather and has an inside food service as well as a free Wi-Fi service.
The train charges only ten dollars for a one-way ticket and makes approximately thirty rounds in a day. Currently, the train serves the areas between Palm Beach and Miami as well as most parts of Southern Florida. The owners and operators of the train; Fortress investment group has been looking for funds to start a second phase of the project with the aim of expanding its reach to other congested areas like between Houston and Dallas, between Atlanta and Charlotte and other such areas.
Fortress receives funding for the second phase of the Brightline Train project
Brightline is the first ever passenger train system that is owned and operated by a private entity in the United States. Due to the warm reception that it has received from commuters, an expansion project has been in the works. It was recently announced that the Florida Development Finance Corporation has awarded Fortress Investment Group a 1.15 billion dollars’ worth of funding for the second phase of the project. To know more about him click here.
About the Fortress Investment Group
Fortress Investment is an assets and investments management company that currently manages assets worth more than 72 billion dollars from clients who are both individuals and corporations from different parts of the globe. The company was founded in the year 1998 through the collaboration of Wesley Edens, Rob Kauffman, and Randal Nardone. In December 2017, the company was sold to a Japanese conglomerate called SoftBank for the amount of 3.3 billion dollars. The company is situated in New York.