JACKSONVILLE, Fla., Nov. 3, 2011 /PRNewswire/ -- CSX Corporation today completed the previously announced 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.
CSX Corporation, based in Jacksonville, Fla., is one of the nation's leading transportation companies, providing rail, intermodal and rail-to-truck transload services. The company's transportation network spans approximately 21,000 miles, with service to 23 eastern states and the District of Columbia. CSX's network connects more than 240 short line and regional railroads and more than 70 ocean, river and lake ports. More information about CSX Corporation and its subsidiaries is available at www.csx.com.
SOURCE CSX Corporation