CSX Corporation today completed a transaction with the State of Florida to sell a 61-mile rail corridor for the SunRail commuter railroad.
The commuter system is expected to begin initial operations in 2014 in a corridor along Interstate 4.
SunRail will serve the Orlando area as well as Volusia, Seminole, Orange and Osceola counties.
Under the agreement, CSX will retain an exclusive freight easement to operate on the SunRail line in order to continue to provide all common carrier services to its customers.
“Today’s closing represents a significant milestone in this public-private partnership that accommodates Central Florida’s need for a transportation alternative to congested highways, while preserving and expanding environmentally friendly and efficient freight rail capacity,” said Louis Renjel, vice president-strategic infrastructure.
Over the next eight years, CSX and its affiliates plan to invest $500 million into Florida rail infrastructure to support economic growth and job creation in the state. This investment is primarily supported by proceeds from the transaction.