Contracts
with Allegheny County, SEDA-CoG JRA and Pioneer Railcorp Add to
Company's Communications Development Portfolio.
JACKSONVILLE,
Fla. (February 17, 2014) -- Parallel
Infrastructure LLC, a leading right-of-way (ROW)
management and infrastructure development company, continues to
expand its client portfolio with three new telecommunications tower
development agreements in Pennsylvania. Allegheny County awarded the
company more than 3 million square feet of developable land parcels,
while contracts with SEDA-Council of Governments Joint Rail Authority
(SEDA-CoG JRA) and Pioneer Railcorp bring an additional 207 miles of
corridor to the company's 1,800-mile communications development
portfolio throughout the country.
"There
continues to be strong demand to improve telecommunications
infrastructure and that means growth opportunities abound for
right-of-way property owners," said Frank Chechile, CEO of
Parallel Infrastructure. "By entering into innovative
revenue-share agreements, we help monetize our clients' underutilized
real estate without interrupting their core operations. The result is
increased revenue for them with little to no risk, and plenty of
upside for incremental revenue generation."
Chechile
added that Parallel Infrastructure is seeing increased demand for its
capabilities from state and local governments in particular. "With
tightening budgets, government entities are making efforts to capture
additional revenue by unlocking the value of their real estate,"
he said.
As
a result of an extensive RFP process, Allegheny County awarded
Parallel Infrastructure the telecommunications facility development
rights on 14 parcels, totaling more than 3 million square feet of
underutilized county-owned land. By partnering with top engineering,
architecture and construction firm Jacobs Engineering, Parallel
Infrastructure was able to scout and assess developable sites.
Moreover, because of its private capital backing, the company was
able to offer the County a "win-win" revenue generation
prospect, providing quick and recurring payments to the County for
each site it develops.
"The
County was attracted by the prospect of earning new revenue, and
doing so in an efficient and quick manner," said Ed Myers, Vice
President of Telecommunications Sales for Parallel Infrastructure.
"We will use our capabilities and our capital to design,
finance, build, maintain, and lease facilities to communications
service operators, which in turn, will provide the County with a
long-term revenue stream without having to spend any of their money."
Myers added that along with telecom development, Parallel
Infrastructure will also provide the County with access to its
communications facilities to allow it to develop emergency management
systems.
SEDA-CoG
JRA is a municipal authority with the mission of preserving rail
service for industries in Central Pennsylvania and furthering
economic development through retention, improvement, and expansion of
rail infrastructure. It agreed to allow Parallel Infrastructure to
begin evaluating sites for development on nearly 200 miles of the
JRA's railroad right-of-way. This agreement comes on the heels of an
earlier tower development agreement on a 25-mile stretch of
Pennsylvania ROW owned by Pioneer Railroad. Parallel Infrastructure
will begin working immediately with railroad owners and wireless
carriers to identify sites for towers along the JRA's five short line
Central Pennsylvania railroads: Juniata Valley Railroad, Lycoming
Valley Railroad, Nittany & Bald Eagle, North Shore Railroad and
Shamokin Valley Railroad.
These
new agreements with Allegheny County, SEDA-CoG JRA, and Pioneer's
Gettysburg & Northern Railroad Line exemplify Parallel
Infrastructure's proficiency in collaborating with the public sector.
Myers further commented, "While sharing revenue with a land
owner earned from communications infrastructure developments is not a
new concept, doing so in a comprehensive manner with a government
land owner is the type of public-private arrangement that
forward-thinking entities, such as these agencies, are using to
institutionalize revenue capture opportunities."
-Ends-
About
Parallel Infrastructure
Parallel
Infrastructure LLC is the first universal Right-of-Way (ROW)
management and infrastructure development company focused on
monetizing and maximizing the value of underutilized land assets
along railroad and highway corridors for third-party clients. The
Company's service offerings include real estate management services,
telecommunications infrastructure development, and generating
ancillary revenue streams through alternative ROW uses. Headquartered
in Jacksonville, Fla., Parallel Infrastructure is a wholly owned
subsidiary of Florida East Coast Industries, Inc. For more
information, visit http://www.parallelinfrastructure.com.
About
Florida East Coast Industries, Inc.
Florida
East Coast Industries, Inc. (FECI) is one of Florida's oldest and
largest full-service 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. Today, FECI
continues to transform Florida as the parent company to the following
leading real estate, transportation, and infrastructure businesses
within the state: Flagler, a full-service commercial real estate
company; All Aboard Florida, the United States' first privately
owned, operated and maintained intercity passenger rail system; South
Florida Logistics Services, an integrated logistics company that
offers a wide range of logistics services and real estate solutions;
and Parallel Infrastructure, a leader in third-party Right of Way
(ROW) investments and management services. FECI is owned by private
equity funds managed by affiliates of Fortress Investment Group LLC.
For more information, visit http://www.feci.com.
Media
Contacts:
Mary
Sudasassi
rbb
Public Relations
305-448-6163
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