Virgin train deal is “monumental”
October 25, 2019
The California Infrastructure and Economic Development Bank on Wednesday approved $3.25 billion in bonds, a critical step that will allow Virgin Trains USA to move forward on its plans to build a high-speed train between Las Vegas and the High Desert. The move allows private institutional investors to purchase the bonds, thereby providing funds for the project. Virgin Trains USA has said it plans to begin construction in 2020.
The rail project will infuse $46.9 million annually into San Bernardino County with the creation of jobs, housing, retail, and commercial activity. The daily trains will travel the 180-mile distance between destinations in about 90 minutes, reaching speeds of 150 miles per hour. The company also plans to build a station on 80 acres and acquire 225 acres for housing and retail/commercial development near the station.
Virgin Trains VP of Corporate Development Bob O'Malley offered a presentation about the project during the 2019 High Desert Opportunity Summit. Watch it here: https://youtu.be/l90UQCtN6_s