Frank
Chechile, CEO of Parallel Infrastructure LLC ("Parallel"),
a leading right-of-way ("ROW") land management and asset
development company, presented testimony yesterday to the U.S. House
of Representatives Subcommittee on Railroads, Pipelines, &
Hazardous Materials on how right-of-way real estate can be used in an
innovative way to fund passenger rail without placing additional
burden on taxpayers. The title of the hearing was, "The Role of
Innovative Finance in Intercity Passenger Rail."
JACKSONVILLE,
Fla. (January 27, 2014) -- Frank Chechile, CEO of Parallel
Infrastructure LLC ("Parallel"), a
leading right-of-way ("ROW") land management and asset
development company, presented testimony yesterday to the U.S. House
of Representatives Subcommittee on Railroads, Pipelines, &
Hazardous Materials on how right-of-way real estate can be used in an
innovative way to fund passenger rail without placing additional
burden on taxpayers. The title of the hearing was, "The Role of
Innovative Finance in Intercity Passenger Rail."
In
his testimony, Chechile stated that collaboration between the public
and private sector can enable a new source of financing for passenger
rail systems. Parallel Infrastructure has the ability to unlock the
value of real estate assets owned by public agencies to create a new
revenue stream that can be used to finance capital projects and/or
ongoing operations.
"There
are more than one million miles of right-of-way transportation
corridor in the United States, the vast majority of which is owned by
the public sector," said Chechile. "By tapping the value of
ROW real estate, billions of dollars in new revenue can be generated
and leveraged to fund passenger rail infrastructure improvements in
our country."
Established
just two years ago as an independent company, Parallel Infrastructure
has grown to become a national player by securing agreements with
public and private sector railroad companies. In addition to securing
agreements with public sector railroads, such as North Coast Railroad
Authority and SEDA-Council of Government, Parallel recently signed an
agreement to help Allegheny County in Pennsylvania increase its
earnings from its land assets through telecommunications
infrastructure development.
Chechile
credits the company's rapid growth to the unique skillset developed
from 100+ years of managing its own ROW in Florida and its ability
and willingness to deploy its own capital to realize these real
estate opportunities. The company has agreements covering more than
1,800 miles of ROW corridor across 22 states.
"I
appreciate the chance to have spoken directly with this group of
legislators to share Parallel Infrastructure's experience with
generating new financing streams from proactive ROW management that
can offer government agencies at all levels the means to enhance our
nation's passenger rail transportation system," added Chechile.
The
hearing can be viewed at:
http://www.transportation.house.gov/hearing/role-innovative-finance-intercity-passenger-rail.
About
Parallel Infrastructure
Parallel
Infrastructure LLC is the first universal Right-of-Way (ROW) land
management and communications 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
Florida
East Coast Industries, Inc. (FECI) is one of Florida's oldest and
largest full-service commercial real estate 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; South Florida Logistics
Services, an integrated logistics company that offers a wide range of
logistics services and solutions; and Parallel Infrastructure, a
leader in third-party Right of Way (ROW) 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:
Kristy
Kennedy
rbb
Public Relations
305-448-5839
Kathleen
Rodriguez
Florida
East Coast Industries
305-520-2306
