Prince George’s County Public Schools alternative construction financing project shortlisted for IJGlobal Awards 2020
Prince George’s County Education & Community Partners (PGCECP), proudly in partnership with Prince George’s County Public Schools (PGCPS), are pleased to announce the Prince George’s County Public Schools alternative construction financing project has been shortlisted for the category North America Public Sector Award by the IJGlobal Awards 2020. PGCECP, the consortium delivering this project, comprises Fengate Asset Management, Gilbane Development Company, Gilbane Building Company, Stantec and Honeywell.
The agreement between PGCPS and the lead member of PGCECP was finalized in mid-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. Prince George’s County is 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 July 2023.
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. 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.
The IJGlobal Awards recognize achievements on deals across the infrastructure and energy sectors in all regions around the world. 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, recognise and reward exceptional performance in the company awards categories.
The winning awards will be announced at the virtual ceremonies on June 29. For the full list, visit https://awards.ijglobal.com/2020#NA-Shortlist