Fengate-led consortium announces creation of endowed fund to support scholarships, internships, mentoring and apprenticeships
Prince George’s County Public Schools (PGCPS) and Prince George’s County Education & Community Partners (PGCECP) are pleased to announce 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, making it the first jurisdiction in the nation to partner with the private sector to bundle a multi-school delivery program, one which will deliver these critical community assets by 2023.
The PGCECP consortium selected for this project comprises:
- Developer: Fengate Asset Management (Fengate) and Gilbane Development Company
- Design-Build Contractor: Gilbane Building Company
- Designer & Architect of Record: Stantec
- Services Provider: Honeywell International Inc.
Fengate is managing this investment on behalf of the Fengate Core Infrastructure Fund III and its affiliated entities, including an investment fund owned by LiUNA’s Pension Fund of Central and Eastern Canada.
Formally known as the Blueprint Schools, the agreement between PGCPS and the lead member of PGCECP was finalized in mid-December. The project, an innovative approach to address aging facilities, will create six new schools by July 2023. Through the initiative that supports approximately 8,000 students, PGCECP will design, build, finance and maintain the new Drew-Freeman, Hyattsville, Kenmoor and Walker Mill Middle Schools, as 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 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.
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.
Other community benefits include the guaranteed procurement of at least 30 percent of total eligible costs of the program to minority-owned businesses, community-based enterprises and community-based small businesses that will serve as a much-needed economic stimulus. In addition, approximately $174 million in savings is expected in deferred maintenance and construction costs, compared to a traditional construction procurement model.
“It is vital that we continuously invest in our students’ future and today’s announcement will allow us to do just that,” said Dr. Monica Goldson, Chief Executive Officer. “Throughout this process, Prince George’s County Public Schools has remained committed to our goal of supporting our students at every stage of their educational experience, ensuring they have every tool needed for success. We cannot afford to wait another 10 years to provide our students, teachers and communities with new state-of-the-art facilities. I look forward to working with Prince George’s County Education & Community Partners to complete an investment that is long overdue.”
“We are pleased to have reached commercial and financial close on this critical project and to be a part of the new scholarship, internships and apprenticeships program announced today,” said Mac Bell, Managing Director, Infrastructure Investments, Fengate. “We are honored to partner with PGCPS to deliver this much-needed infrastructure for Prince George’s County and its students, and we are committed to ensuring the benefits of this project extend beyond the buildings, in support of student development and community businesses through the endowment fund and work and training opportunities.”
For additional details, please visit www.pgcps.org/newsroom. For more information on the PGCPS Blueprint Schools initiative, visit pgcpsblueprintschools.com.