Brightline Rail: Creating New Opportunities in Florida and Elsewhere
MyEListings' markets and economics editor and creates content about global macro events and their impact on US commercial real estate.
Florida's landscape, both physical and economic, is undergoing a transformation. The Brightline rail system, a high-speed railway linking the cities of Tampa, Orlando, and Miami, is at the forefront of this metamorphosis.
The train service promises not just faster commutes but also a future where people can live farther from urban centers without compromising on amenities or job opportunities.
It also presents the ability for Miami residents to get to other cities quickly and easily, making transit-oriented developments in the city highly sought-after by residents.
Redefining Commute and Connectivity
Brightline's service promises speeds that can reach up to 125 miles per hour, dramatically cutting down commute times, while facilitating communication during operation with high-speed wireless connectivity en route.
This newfound connectivity can mean someone could potentially live in Tampa and work in Miami, a concept previously unimaginable given the distance and traffic constraints.
Impacts on Economic Activity
The Brightline rail system is expected to bring a surge in economic activity. A study from HSRail estimates that such a rail system could generate billions in economic benefits, from creating jobs in construction and rail maintenance to boosting tourism.
More tourists could travel comfortably among the state's major cities while staying off of roads, thus pouring more money into local economies.
Furthermore, with reduced travel times, businesses across the cities could find it easier to collaborate, host meetings, or even set up new branches.
Transit-Oriented Developments (TODs)
Transit-Oriented Developments are about creating mixed-use residential or commercial areas designed to maximize access to public transport and often incorporate features to encourage transit ridership.
They bring together housing, dining, shopping, and recreational spaces in close proximity to the transit stations, providing residents with an array of urban amenities without the need for a car.
Miami at the Forefront of Facilitating the Next Boom
In Miami, real estate executives are already capitalizing on the Brightline and Metrorail's combined potential by investing in transit-oriented developments.
Michael Marrero, Director of Development for Swiss investment manager Empira Group, has been involved in several transit-oriented developments in the area, and sees them as fulfilling a larger mission.
"Here in Miami, the trend for transit-oriented development…once the city made the move to change to Miami 21, affording the developers the ability to take advantage of these public benefits, I think the community has really come together to really accept and like them," he says, "especially the newer folks that are coming into town, which are maybe from New York or Chicago or from areas that are maybe a little more transit-oriented by nature."
Brickell, already an economic hub in Miami and one in which Mr. Marrero is shepherding the rise of new transit-oriented residential projects, is a location he is banking on. The development promises modern residences combined with a small commercial space component, all connected seamlessly to the Brightline and Metrorail systems.
This suggests residents could live in Miami and easily commute to jobs or leisure activities in Tampa or Orlando.
Miami's Multifaceted Approach to Capturing the Next Impulse
Hialeah, on the other hand, has traditionally been more residential. With the new transit-oriented projects, it's expected to witness an influx of businesses and retailers, thus redefining its identity in terms of density.
Virgilio Fernandez, a Miami-based Vice-President with Colliers, said “All the local municipalities and legislations are allowing for higher density near the Metro rail [stops],” insinuating that, although economic tailwinds currently benefit Miami developers, they are prepared for surprises.
“Parking is one of the biggest wild cards [for mitigation] when it comes to construction costs. So a lot of groups are trying to stay under eight stories,” he said, adding that rents in Hialeah don't support added vertical parking the way they might in, say, Brooklyn, NY.
Disincentives thus increasingly exist for urban residents to store vehicles on-premise, potentially contributing to a more urban identity in the development area in time and appealing to a certain demographic embodied particularly by remote-working Millennials.
A Future Defined by Remote Workers
For remote and hybrid-working Floridians, the Brightline rail system could mean a future with even greater choices and convenience. Early results suggest that, regardless of where they come from, higher-income migrants tend to gravitate overwhelmingly to Florida.
Whether it's the option to live in a tranquil rural setting while working in a bustling city or enjoy urban amenities without urban chaos, a high-speed rail system brings forth countless possibilities for lifestyle and connection.
While challenges, like funding, environmental concerns, and ensuring equitable development remain, if realized to its full potential, Brightline, and its follow-on effects, could change the way Floridians live, work, and play and serve as a model for other states contemplating similar infrastructural projects, such as the following.
| Project | Cities Connected | Total Length (miles) | Top Speed (mph) | Status |
|---|---|---|---|---|
| California High-Speed Rail | Los Angeles - San Francisco | 520 | 220 | Under construction |
| Brightline West | Las Vegas - Los Angeles | 270 | 200 | Construction to start in 2023 |
| Texas Central Railway | Dallas - Houston | 240 | 200 | Construction to start in 2023 |
| Northeast Corridor Improvement Project | Boston - Washington, D.C. | 457 | 160 | Under construction |
| Chicago-Milwaukee High-Speed Rail | Chicago - Milwaukee | 125 | 125 | Planning stage |
Key Takeaways
As the Brightline chugs forward, so do the dreams and expanded prospects of countless Floridians. It's not just a train service: With remote-working Millennials, it's a promise of a more connected, prosperous, and convenient Florida.
As other catalysts express themselves, the next iteration of a middle-class expansion should emerge that dwarfs the last one. And as the sun rises on this new horizon, it's clear that the journey has only begun.
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