With little press coverage, Florida Legislature recently appropriated an initial $1 million to begin studying alternative methods of transportation throughout the state. The “alternative method” of choice? An Elon Musk-inspired bullet train, which can travel in excess of 700 miles per hour.

The Tampa Bay Area Regional Transit Authority (TBARTA) is taking the lead in studying the impact such a train would have. TBARTA is looking into public demand, as well as economic and environmental impact.

This would be a privately funded project, and preliminary plans have already been submitted by Hyperloop Transportation Technologies (Hyperloop TT).

The plans would essentially follow Tamiami Trail, connecting Tampa and Miami with stops in between. The bullet-like train, which floats inside a vacuum tube, would be able to reach speeds in excess of 700 miles per hour. At that speed, you could, in theory, make it from Tampa to Miami in about 30 minutes.

The project would take place in 3 phases. The first two phases will connect Tampa, Bradenton and St. Pete, and the final phase will add stops in Naples and Miami. Unlike most Hyperloop proposals, this one will likely be above-ground due to Florida’s elevation.

Hyperloop TT already has plans approved in France, Abu Dhabi and Germany. They are aiming to get a few more large metropolitan areas on board, before beginning all construction by 2023. Plans are also nearing approval for a bullet-train from Chicago to Pittsburgh, which is a similar distance as Naples to Tampa.

According to the economic study for the Chicago-Pittsburgh train, tickets would only cost about $33. The whole project would cost about $50 billion to build and would generate roughly $30 billion in profit to private investors over 25 years.

The original Hyperloop technology was developed by Elon Musk. Hyperloop TT, however, is a separate entity. Musk released the technology in hopes that another company would run with it, which is exactly what happened.