Commercial and Financial Close Reached for Prince George’s County Public Schools Alternative Construction Financing Project
The PGCECP consortium selected for this project consists of:
- Developer: Fengate Asset Management (Fengate) and Gilbane Development Company
- Design-Build Contractor: Gilbane Building Company
- Record designer & architect: Stantec
- Service provider: Honeywell International Inc.
The agreement between PGCPS and the lead member of PGCECP was concluded in mid-December. The project, an innovative approach to tackling aging facilities, will create six new schools July 2023. Through the initiative, which supports approximately 8,000 students, PGCECP will design, build, fund, and maintain the new Drew-Freeman. Hyattsville, Kenmoor and Walker Mill Middle Schoolsas well as a new middle school and K-8 school in the Adelphi and southern areas of the county. This pioneering delivery approach is the first of its kind for a public school system in the US and is designed to build new schools faster and cut delivery times in half with lower construction costs and preventive maintenance.
After the trade and financial close, PGCPS and PGCECP jointly announced the creation of a $ 1 million Endowment fund to support scholarships, internships, mentoring opportunities and apprenticeships worth $ 4.7 millionas part of the School System’s Alternative Construction Finance Program.
Other community benefits include guaranteed procurement of at least 30 percent of the program’s total eligible costs to minority-owned companies, community-level companies, and community-level small businesses to act as much-needed economic stimuli. In addition, approximately $ 174 million Compared to a traditional building procurement model, savings are expected in deferred maintenance and construction costs.
“It is important that we continuously invest in the future of our students. Today’s announcement will enable us to do just that,” said Dr. Monica Goldson, Chief Executive Officer. “During this process, Prince George’s County Public Schools remains committed to supporting our students at every stage of their educational experience and ensuring they have all the tools they need to succeed. We cannot afford to wait another 10 years to bring new state-of-the-art facilities to our students, teachers and communities. I look forward to working with Prince George’s County Education & Community Partners to complete an investment that is long overdue. “
“We are delighted to have achieved economic and financial completion on this important project and to be part of the new scholarship, internship and apprenticeship program announced today,” he said Mac Bell, Managing Director, Infrastructure Investments, Fengate. “We are honored to be working with PGCPS to deliver this much-needed infrastructure Prince George’s County and its students, and we are committed to ensuring that the benefits of this project go beyond the buildings to support student development and community businesses through the endowment fund, as well as employment and training opportunities. ”
“This is an important step in realizing new critical school improvements for Prince George’s County while offering new educational resources to support its students, “he said In it early, Managing Director, Public Private Partnerships, Gilbane Development Company and Principal in Charge, Prince George’s County Education & Community Partners. “Gilbane Development Company and Gilbane Building Company are honored to be part of this innovative partnership that will modernize schools for 8,000 students, promote local participation and education, and promote economic inclusion.”
“After building schools in the state Maryland For more than 25 years we have known how transforming they can be for a community and look forward to this effective collaboration with Prince George’s County Public schools, “said Paul J. Choquette, III, Executive Vice President of Gilbane Building Company. “Our partnership will help the county economically integrate as we build important new schools for the community.”
“This important milestone allows us to focus now on designing and building educational spaces that meet the growing needs of the community,” he said Laura Sachtleben, Head of Education for Stantec. “We are honored to design these new schools that will provide innovative learning environments through teaching in small and large groups and peer-to-peer engagement, helping students discover their skills and interests.”
“Honeywell is proud to be part of this effort to not only create and maintain new schools, but also create learning opportunities in the United States Prince George’s County Community “said Keith Fisher, Vice President and General Manager Services for Honeywell Building Technologies. “As a service partner in these efforts, we understand the unique needs of the education sector and the need to keep buildings in prime condition to promote and improve the learning environment.”
More information is available at https://www.pgcps.org/newsroom. For more information on the PGCPS Blueprint Schools initiative, visit pgcpsblueprintschools.com.
Fengate is a leading alternative investment manager focusing on infrastructure, private equity and real estate strategies. With offices in Toronto and Oakville, Ontario, and Houston, TexasFengate is one of the most active real estate investors in North America The company has invested in and developed public-private partnerships and infrastructures North America since 2006. Learn more at www.fengate.com
Gilbane, Inc., a 150-year-old private holding company, is one of the oldest and largest family-owned construction, investment, and real estate development companies in the world. Gilbane Development Company is Gilbane’s project development, financing and ownership division, providing a full range of property development and property management services. The Gilbane Building Company is a full-service construction services company providing pre-construction, general contractor, site management and construction services for some of the most complex projects in the country. Gilbane’s Public Private Partnership Group has more than delivered or is underway $ 3 billion in P3 projects for health care, higher education, K-12 schools and customers from federal, state and local governments. For more information, please visit www.gilbaneco.com.
Communities are fundamental. Whether around the corner or around the world, they provide a foundation, a sense of place and belonging. That is why we at Stantec always design with the community in mind. We care about the communities we serve – because they are our communities too. In this way we can assess what is needed, combine our expertise, assess nuances and imagine what has never been considered, and bring different perspectives together to achieve mutual success. We are designers, engineers, scientists and project managers who innovate together at the interface of community, creativity and customer relationships. Balancing these priorities leads to projects that improve the quality of life in communities around the world. Stantec trades on the TSX and NYSE under the symbol STN. Visit us at www.stantec.com or find us on social media.
Honeywell (www.honeywell.com) is a Fortune 100 technology company that provides industry-specific solutions, including products and services for the aerospace industry. Control technologies for buildings and industry; and performance materials worldwide. Our technologies help planes, buildings, manufacturing plants, supply chains and workers become more connected to make our world smarter, safer and more sustainable. For more news and information about Honeywell, please visit www.honeywell.com/newsroom.
SOURCE Fengate Asset Management