Prince George's County Education & Community Partners consortium selected for Prince George's County, Maryland, schools alternative construction financing project

Consortium comprises Fengate Asset Management, Gilbane Development Company,
Gilbane Building Company, Stantec and Honeywell

PRINCE GEORGE'S COUNTY, Md., Oct. 22, 2020 /PRNewswire/ - Following a competitive procurement process, Prince George's County Public Schools (PGCPS) has selected Prince George's County Education & Community Partners as the preferred proponent to design, build, finance, operate and maintain six public middle schools in Prince George's County, Maryland, as part of an alternative delivery approach.

The Prince George's County Education & Community Partners consortium comprises:

• Developer: Fengate Asset Management (Fengate) and Gilbane Development Company
• Design-Build Contractor: Gilbane Building Company
• Designer & Architect of Record: Stantec
• Services Provider: Honeywell

PGCPS is among the 20 largest school districts in the United States and located minutes outside of Washington, D.C. The school system features 207 schools and centers, and serves a diverse student population from urban, suburban and rural communities, resulting in rapidly growing enrollment rates that strain the current facilities. PGCPS has the second oldest school facilities in Maryland and a large percentage of its buildings need replacement or complete renovation. Through the PGCPS Department of Capital Programs, this partnership will help address these critical needs by constructing six new schools and bringing them online for the 2023-2024 school year.

This innovative delivery approach is the first of its kind for a U.S. public school system and designed to accelerate the delivery of critical school facilities, while advancing economic inclusion goals through diverse and local business utilization.

"Prince George's County Public Schools is proud to take a major step forward in our work to address aging school buildings with transparency and accountability," said Dr. Monica Goldson, Chief Executive Officer, PGCPS. "Schools are at the heart of neighborhoods and communities around the world. We are excited about the commitment from Prince George's County Education & Community Partners to be a true partner in designing, building and maintaining world-class schools. We also offer special appreciation for the support from families, students, educators, Board of Education, County Executive Angela Alsobrooks, County Council, state legislative delegation and business community in doing what we must do for our students."

"We are honored to be selected to deliver this much-needed infrastructure that will help meet the needs of Prince George's County and its students," said Mac Bell, Managing Director, Infrastructure Investments, Fengate. "We look forward to working with Prince George's County Public Schools to design, build, finance, operate and maintain six efficient and much-needed public schools, and to help provide an environment geared for academic success for their students and staff."

"Gilbane understands the importance of these schools to the students and communities of Prince George's County," said Darin Early, Managing Director, Public Private Partnerships, Gilbane Development Company and Principal-in-Charge, Prince George's County Education & Community Partners. "Through this innovative partnership, we will deliver six modern and engaging schools while maximizing economic inclusion and local participation."

"Our design for these schools will provide innovative learning environments that meet the county's growing enrollment and reflect the diverse needs of the community," said Laura Flannery Sachtleben, global education sector leader for Stantec. "These facilities will transform the educational experience and provide engaging spaces that are more flexible and adaptable to modern pedagogy."

"Honeywell understands the unique operational and maintenance requirements of schools to support the specific needs of each site while creating environments that foster learning and collaboration," said Keith Fisher, vice president and general manager of Services for Honeywell Building Technologies. "We're proud to support this effort to help create and service these new schools to better support the Prince George's community."

The project is expected to reach financial close in December 2020. The project is subject to negotiation of definitive agreements between and/or among the applicable parties. The contract cost will be announced publicly following financial close. Construction is targeting 30% minority business enterprise participation with 20% directed to community-based businesses, creating 3,000 jobs. For additional details, please visit www.pgcps.org/newsroom.

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, is one of the oldest and largest family-owned construction, investment and real estate development firms in the industry. 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. Visit us at www.stantec.com or find us on social media.

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.

SOURCE Fengate Asset Management