It’s hard to imagine a private company owning a train rail system. Train tracks span out over hundreds of miles and the private company must own all of that property. It seems easier for a government to operate a train system, but the first privately owned rail line in the United States just opened in South Florida with resounding success.
Brightline is the name of the train that connects Fort Lauderdale to Miami. The sleek train is capable of reaching speeds of 79 mph. The train screams by the usual traffic on Interstate 95. Drivers on the interstate trying to commute between Fort Lauderdale and Miami are treated to traffic that slows average speeds down to 34 mph.
Fortress Investment Group and one of its founding members, Wes Edens, owns the Brightline train. Fortress Investment Group has always had a knack for understanding business opportunities. They see a need for commuters to get between Fort Lauderdale and Miami while avoiding Interstate 95 traffic. The difference in commute times and average speeds should make Brightline a massive success.
Fortress Investment Group was founded back in 1998. Its first investment came in 1999 with real estate purchases in New York City and Toronto. The investment firm then diversified and began commanding billions of dollars in assets. It is the first and only private equity firm to go public with an IPO in 2007. The firm, which employs more than 900 people in New York City, is now in charge of more than $40 billion of assets across the globe.
Fortress Investment Group has big plans for its privately owned train system. Wes Edens envisions a time when his Brightline train reaches all the way up to Orlando. He is also eyeing real estate in Texas to connect Dallas to Houston. The investment group is pushing for privately owned train lines to connect Chicago to St. Louis as well as Atlanta to Charlotte.
Wes Edens owns a stake in the Milwaukee Bucks. That is perhaps why he is pushing for his Brightline train to connect Chicago to Milwaukee. These privately owned trains are a much needed upgrade to America’s infrastructure.
Learn More: finance.yahoo.com/lookup?s=FIG