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Archive for June, 2010
Great news below on the Sunrail Communter train in Orlando from the Florida Trend.
This could be a real game changer for people owning properties on the new line (see map below). Construction could start as early as June on the first phase of the SunRail commuter train that eventually will carry commuters 61 miles through Volusia, Seminole, Orange and Osceola counties. A mass transit package that Gov. Charlie Crist signed in mid-December breathed life into the $1.2-billion regional project, which had stalled after failing to win support during the Legislature’s 2008 and 2009 spring sessions.
But a lot has to be done quickly to begin construction in four months: The state Department of Transportation still has to wrap up the nearly $500-million purchase of 61 miles of track from CSX and secure a commitment from the federal government for more than $300 million to help pay for the project.
The project is expected to create thousands of jobs over the next 30 years and billions in economic activity.
The construction industry will get the biggest boost initially, in a region where the jobless rate has climbed above 11% during the recession. The Florida Department of Transportation awarded the design and construction contract in February to a joint venture led by Archer Western Contractors of Atlanta and RailWorks Track Systems of New York City.
In addition to upgrades to the tracks and signals, the project includes 17 rail stations. The first leg will run between DeBary in Volusia and Sand Lake Road in Orlando.
“This is a game-changer for our community,” says Orlando Mayor Buddy Dyer, part of a coalition that fought for the project. “If we’re going to be competitive, we have to have rail transportation.”
Supporters say SunRail will provide an option to driving along congested I-4 and help support the development of regional urban centers. They expect the project to help further a rail system connecting Orlando, Tampa and other points along the I-4 corridor. The state has been seeking $2.6 billion from the Obama administration’s $8-billion mass transit program.
Along with SunRail, the state approved money for south Florida’s Tri-Rail system and for setting up a statewide rail authority.
Opponents, including state Sen. Paula Dockery (R-Lakeland), said the state is paying CSX too much for the 61 miles of track. They also say the deal, which shifts freight rail traffic onto a different rail corridor, unfairly penalizes parts of the state that will see more freight trains. The commuter line, they say, is likely to have only limited ridership.
Sunrail Map
Over the past 3 years a wide range of governments, regulators, banks and buyers have collectively been suffering from what might be described as Icarus Syndrome.
Laws and tax breaks were installed to encourage rampant construction of apartments, offices and hotels in dubious locations. “Soft touch” regulation was all the rage and banks were competing with each other to see who could rubber stamp the most loan and mortgage application forms in the shortest possible time. Buyers were borrowing beyond their means to purchase overpriced property developments around the world.
Too many thought they could keep on flying forever until finally, in early 2007, Icarus like, they soared too close to the sun and fell back to the ground with an almighty thud.
While all that craziness was happening, there was one country that paid no attention to the excesses of its neighbours during the boom.
Their banks didn´t get carried away with huge loan to value mortgages and their citizens generally saved more than they spent. Economic growth, rental rates and property price inflation were all stable and steady. It was and still is by far the most important economy in Europe and has been a profitable and safe haven for investors for decades.
Those who wish to take a closer look at the debt, deficit, GDP and employment situation in Europe could do far worse than browse through the BBCs terrific interactive graphical presentation.
It can be viewed on http://news.bbc.co.uk/2/hi/business/10150007.stm
Kind Regards
Colin Murphy
Director
Torcana Ltd
