CSX Corporation, the leading railroad in the United States, has begun formal construction of the Winter Haven intermodal rail terminal. It is situated in Polk County, Florida and is expected to cost $100 million after the groundbreaking ceremony. Once constructed, the terminal will mean more intermodal business for the firm and serve customers in a number of key markets such as South Florida, Orlando and Tampa.
The construction entails 318 acres of land and also includes two 10,000-foot departure and arrival tracks and five 3,000-foot loading tracks. Three electric rail-mounted gantry cranes will cover the tracks and facilitate the loading and unloading of the trains.
It is anticipated that the terminal will create more than 8,000 jobs and produce economic development of $10 billion over the course of the subsequent decade.
CSX Corp is continuing to invest in the expansion of its terminal and network capacity in order to ensure the safety and reliability of its service for its customers. The firm is expecting to make an investment of around $2.25 billion this year, with its estimated capital investment over five years representing 18% of revenue. The firm has launched the National Gateway, which is a public-private, multi-year infrastructure initiative that is set to facilitate a significant improvement of the efficiency of the freight network that runs between the Midwest and the Mid-Atlantic ports.
The total cost of the project will be around $850 million, with CSX Corp expecting to contribute more than $550 million. CSX Corp has also made a deal with the state regulators of Florida in order to deploy a computerized rail operation known as SunRail, with CSX Corp to sell the State of Florida 61 miles of rail corridor and in return gain exclusive rights to operate on the track.