2 MiamiCentral and 3 MiamiCentral financed by $103 million construction loan from the bank; 2 MiamiCentral to be completed this month
MIAMI – Wells Fargo & Company (NYSE: WFC) announced its involvement as a lender for MiamiCentral, a first-of-its-kind, transit-oriented development that serves as the southern terminus to the recently-opened Brightline inter-city express passenger train. Wells Fargo provided a $103 million construction loan for the development of two buildings in the MiamiCentral development, which will reshape downtown Miami by connecting the new Brightline inter-city passenger rail service with office, retail and multifamily residential space, as well as other forms of transit.
Wells Fargo provided construction financing to Florida East Coast Industries for 2 MiamiCentral and 3 MiamiCentral. 2 MiamiCentral, a 10-story, 190-thousand-square-foot Class A office tower connected directly to the Brightline terminal, is under construction and expected to be completed by late June 2018. 3 MiamiCentral is a 130-thousand-square-foot mixed-use building containing Class A office, parking and retail space, including a supermarket. 3 MiamiCentral, which is one block west of the train terminal, was completed December 2017 and is now 95 percent leased.
“As South Florida’s population continues to boom and traffic congestion worsens, Brightline will redefine how South Floridians think about where they work and live,” said Bill Vernon, head of Real Estate Banking in Wells Fargo’s Commercial Real Estate group. “2 MiamiCentral and 3 MiamiCentral are bringing highly connected office and retail space to downtown Miami, and Wells Fargo is excited to partner with Florida East Coast Industries on a cutting-edge project that will help propel development in the area.”
Brightline’s Phase 1 service launched to MiamiCentral on May 19 and is the first privately owned, operated and maintained inter-city express passenger rail service in the U.S. The Brightline train now connects the downtowns of Miami, Fort Lauderdale and West Palm Beach, significantly reducing commuting times between those cities. Ultimately, the system is expected to connect to the Orlando International Airport.
“MiamiCentral is a generational project, building on the original site of Henry Flagler’s once Downtown Miami railroad station, to connect South Floridians via Brightline,” said M. Bruce Snyder, executive vice president and chief financial officer for Florida East Coast Industries. “We are extremely pleased to have partnered with Wells Fargo on this transformational project and specifically on the development of 2 and 3 MiamiCentral, two of the most prolific mixed-use buildings featuring Class A offices, retail and parking to deliver in downtown Miami in recent memory.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investments, mortgage, and consumer and commercial finance through 8,200 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
About MiamiCentral
MiamiCentral is the new hub for all things transportation, leisure and business. The transformational, transit-oriented development spans six Downtown Miami city blocks and features Brightline’s Miami Station, in addition to connectivity to Metromover, Metrorail and future Tri-Rail service. At MiamiCentral, retail and dining venues, including a food hall experience, make-up an expansive promenade surrounding two residential towers with over 800 apartments collectively known as Park-Line MiamiCentral. The monumental development, by Florida East Coast Industries, most recently introduced its first office tower, 3 MiamiCentral, reimagining Miami’s Central Business District. Underway and opening in phases, MiamiCentral offers a first-of-its-kind lifestyle destination for transit, dining, entertainment, living and business.
About Florida East Coast Industries
Florida East Coast Industries, LLC (FECI) is one of Florida’s oldest and largest commercial real estate, transportation, and infrastructure companies. Headquartered in Coral Gables, Fla., FECI has a rich history dating back over a century. Mr. Henry Flagler first established a predecessor company in 1892, which became a pioneer in the development of Florida's eastern coast. FECI is owned by private equity funds managed by affiliates of Fortress Investment Group, LLC. For more information, visit www.feci.com.