Prince George’s County Public Schools Project recognized at IJGlobal Awards 2020

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.

About Fengate
Fengate is a leading alternative investment manager focused on infrastructure, private equity and real estate strategies. With offices in Toronto and Oakville, Ontario, and Houston, Texas, Fengate is one of the most active real asset investors in North America and the firm has been investing in and developing public-private partnerships and infrastructure across North America since 2006. Learn more at www.fengate.com

About Gilbane
Gilbane, Inc., a private holding company marking its 150^th year in business, is one of the oldest and largest family-owned construction, investment and real estate development firms in the world. Gilbane Development Company is the project development, financing and ownership arm of Gilbane, providing a full slate of real estate development and property management services. Gilbane Building Company is a full-service construction services firm providing preconstruction, general contracting, construction management, and design-build services on some of the nation’s most complex projects. Gilbane’s Public Private Partnership Group has delivered or has underway more than $3 billion in P3 projects for healthcare, higher education, K-12 schools, and federal/state/municipal clients. To learn more, visit www.gilbaneco.com.

About Stantec
Communities are fundamental. Whether around the corner or across the globe, they provide a foundation, a sense of place and of belonging. That's why at Stantec, we always design with community in mind. We care about the communities we serve—because they're our communities too. This allows us to assess what's needed and connect our expertise, to appreciate nuances and envision what's never been considered, to bring together diverse perspectives so we can collaborate toward a shared success. We're designers, engineers, scientists, and project managers, innovating together at the intersection of community, creativity, and client relationships. Balancing these priorities results in projects that advance the quality of life in communities across the globe. Stantec trades on the TSX and the NYSE under the symbol STN.

About Honeywell
Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

Media contact:
Susan Bender
Media Relations
Stantec
Tel: (267) 773-9593
susan.bender@stantec.com