Prince George’s County Public Schools (PGCPS) and Prince George’s County Education & Community Partners (PGCECP) are pleased to announce the Prince George’s County Public Schools alternative construction financing project was recognized with two awards at the IJGlobal Awards 2020 ceremony held on June 29, 2021:
- Social Infrastructure (Education) Deal of the Year
- Editor’s Choice as the Best Deal in North America
PGCECP, the consortium delivering this project, comprises Fengate Asset Management, Gilbane Development Company, Gilbane Building Company, Stantec and Honeywell Building Technologies. The agreement between PGCPS and the lead member of PGCECP was finalized in December 2020, achieving commercial and financial close on the alternative construction financing project to design, build, finance and maintain six public schools in Prince George’s County, Maryland.
The project achieves excellence in social infrastructure as it presents an innovative approach to address aging facilities and increasing community needs. This pioneering delivery approach is the first of its kind for a U.S. public school system and is designed to build new schools faster, cutting the delivery time in half with lower construction costs and preventative maintenance. Approximately $174 million in savings is expected in deferred maintenance and construction costs, compared to a traditional construction procurement model. Further, following commercial and financial close, PGCPS and PGCECP together announced the creation of a $1 million endowed fund supporting scholarships, student internships, mentoring opportunities and apprenticeships valued at $4.7 million, as part of the school system’s Alternative Construction Finance Program.
From June 28 to June 30, 2021, PGCPS and PGCECP are breaking ground for the six new community schools. All properties will be turned over to the consortium on July 1 to begin construction for delivery by summer of 2023.
The IJGlobal Awards celebrate the best-in-class transactions and organizations across the international infrastructure and energy sectors. The editorial team works closely with an independent team of judges, active within the markets where the deals are located, to select the winning deals. IJGlobal and its international teams of independent judges, who are established industry professionals, recognize and reward exceptional performance in the company awards categories.
PGCPS, the second-largest school system in the state, has the second-oldest buildings in Maryland. More than half of the 208 schools are over 50 years old. For more information on the PGCPS Blueprint Schools initiative, visit www.pgcpsblueprintschools.com.