Miami Condo Market and Lifestyle Updates
Tax Free Bonds: $1.75 Billion From All Aboard Florida's MiamiCentral Station

Tax Free Bonds: $1.75 Billion From All Aboard Florida's MiamiCentral Station

by Sep Niakan | August 28, 2015

All Aboard Florida (AAF) has recently received approval for issuing $1.75 billion in tax-free bonds.

A Florida board gave the approval for the bonds, which is just in time for the completion of piling work at the MiamiCentral Station.

AAF will be able to pay off the $405 million worth of bonds that they issued in 2014, which sold at a 12% interest rate. The 2014 bonds were used to begin work on stations and tracks for railways in the Miami area.

The bonds for 2015 will not be rated, but will more than likely have lower interest rates than the 2014 bonds. This is due to the 2014 bonds being investor unfriendly, with lots of risks and several provisions. The beginning of marketing campaigns for the bonds will begin in September. However, they must be finished selling by the end of December in order to keep its tax-exempt status.

As far as the project itself, the contractors working on the MiamiCentral Station have successfully drilled 1,600 piles, with a depth of 100 feet each. Workers have begun construction on certain parts of the rail, which will stand about 50 feet above the street. 

AAF is estimating $2.5 billion for the project, $700 million of which will be from equity.

 

Source: thenextmiami.com

Photo credit: thenextmiami.com

Recent posts

Lifestyle

Car-free in Miami: How to Give Up Your Car for Lyft and Uber . . . and Love it.

by Sep Niakan | November 29, 2016

This is a story of how one Miami condo dweller (that's me, Sep Niakan) gave up his car at the end of his lease and gained freedom (and $$) in its place. If you have been thinking of getting rid of your car or know someone who is, read...

Real Estate News

How Miami Condo Sales Will Benefit from New FHA Lending Rules

by Sep Niakan | November 24, 2016

Lending, specifically FHA lending, is inching forward in favor of Miami Condos. Before President Trump pulls out any game-changers, I thought it would be the right time to reflect on a Bill passed into law by President Obama this August. The...

Real Estate News

Reflecting on BrickellHouse Robotic Parking Garage Failure

by Sep Niakan | November 22, 2016

It’s been almost a year since BrickellHouse’s robotic parking garage blunder, and I’ve been thinking about what this means for the automated parking business in Miami condos. In brief, Boomerang Systems (the robotic garage...

Real Estate News

What’s behind Downtown’s Latest Population Explosion?

by Sep Niakan | October 31, 2016

From a humble 9-to-5 district to after-dark playground for the it-crowd, Downtown Miami has had quite a turnaround in the past decade or so. According to the latest Miami Downtown Development Authority report, there are now 88,540 residents in...