Planes, trains and automobiles…
The Florida Business Journals recently published a report entitled “The Future of Florida Transportation” which shared insight about the Sunshine State’s transportation growth, innovation and challenges. Transportation thought leaders tapped deeper into the challenges and opportunities that are vital to push status quo to meet “multimodal” demand.
The pandemic slowdown proved that driver volumes declined while companies offered more flexibility to WFH. The report shared that “driver volumes declined drastically after the onset of the pandemic mid-March 2020. Within days, Florida Department of Transportation data found volumes in the state decreased as much as 20% from previous norms. By September 2020, those numbers began to stabilize — traffic volumes were down 6%-8%, while truck volumes were down on average 3.5%.” According to experts, this pattern shift is important to reflect, strategize and execute on the needs of the future.
It’s no surprise that transportation is the pulse of what will continue to power Florida, America’s fastest-growth state. Florida Department of Transportation Secretary Kevin Thibault said in the report, “It will take intergovernmental collaboration” to create one of the ten largest economies in the world, and it’s already in motion!
Below are some of our takeaways:
- Commercial development and the transportation network (currently and future) are what drives many commercial entities to invest in Florida.
- Florida is the fastest — growing state in the country. On average more than 800 people move to Florida daily.
- Miami-Dade is the most populous county in Florida, and projected to have more growth than any other in the state during the life of the 2045 Florida Transportation Plan. Orange County is projected to be the 2nd-fastest growing county in Florida.
- Toll roads help alliaviate congestion to assist moving people and goods. An example is the First Coast Expressway in Jacksonville, Florida — a 46 mile toll road — is under development in portions of Clay, Duval, and St. John’s counties until 2026. With travel patterns changing, it’s important for regions to collaborate.
- The Brigthline — Florida’s intercity passenger rail is on track for creating a future connection in its cities. It’s already underway on its $2.7B, 170-mile passager train extension from West Palm Beach to Orlando International Airport in 2022, expanding its footprint in South FL. Taking it a step further, the privately held rail system operator is working on a proposed connection heading West to Tampa, and potentially furthering it’s connection to Jacksonville after purchasing in 2014 the passenger rail easement rights on the Florida East Coast Railway corridor from Cocoa north to Jacksonville.
The Entwine team is passionate about staying up to date with innovation and infrastructural changes that have a significant impact within the markets we serve.
ABOUT ENTWINE REAL ESTATE
Entwine Real Estate is a lifestyle and retail-focused commercial real estate company. We work with investors, owners, developers and brands to unlock their highest potential within the retail landscape. Entwine specializes in leasing value-add and grocery-anchored shopping centers, redevelopment and new development projects, and urban mixed-use properties throughout the Southeast. Entwine was founded in 2018 and is headquartered in Jacksonville, Fla.