ANN ARBOR, MI -- A passenger rail between Ann Arbor and Traverse City could generate $100 million in annual revenue by 2040, a new study says.

the 240-mile-long service track could attract 1.5 million riders a year, according to the The Groundwork Center's study, which was conducted by Transportation Economics & Management Systems, Inc.

And trains could be operating as early as 2025.

A train traveling at 60 mph would cost $151 million and could conduct 380,0000 existing trips by car along a route from Ann Arbor to Traverse City and Petoskey every year, the study says. A 110 mph train would cost more than $1 billion.

The idea formed in 2015 when Jim Bruckbauer, deputy director of Groundwork, said the tracks between the cities are in good shape and still owned by the state.

The map shows the train would make stops along the route in Cadillac, Mount Pleasant, Alma, Owosso and Howell.

(Groundwork Center study)

Next year, the Michigan Department of Transportation is planning to repair several miles of tracks near Traverse City, according to a news release. This could allow train services for special events as early as 2020.

Track repairs for a 60 mph train could cost $40 million, the study says. A 110 mph train that could make a trip in 3.5 hours would cost an additional $140 to $400 million. Faster travel times would boost ridership, the study suggests.

The train would serve various college campuses, including the University of Michigan, Central Michigan University, Baker College, Alma College, Northwestern Michigan College and North Central Michigan College.

The study also provided a timeline that suggests services could be expanded directly to Detroit within 10 to 15 years.