BOCA RATON – The GEO Group of Boca Raton has announced that it has signed a contract with the state of Georgia, Department of Corrections, for the development and operation of a new 1,500-bed correctional facility be located in Milledgeville, Georgia.
Under the terms of the contract, GEO will finance, develop, and operate the new $80 million, 1,500-bed facility on state-owned land pursuant to
George Zoley, Chairman and CEO of the GEO Group
a 40-year ground lease. The facility is expected to generate approximately $28 million in annualized revenues and is scheduled to open in the first quarter of 2012.
Chairman and CEO George C. Zoley, said, “We appreciate the confidence placed in our company by the Georgia Department of Corrections. This important project will help meet the state’s correctional bed needs. We look forward to developing a strong public-private partnership with the state of Georgia and the community of Milledgeville.”
The GEO Group, Inc. is a world leader in the delivery of correctional, detention, and residential treatment services to federal, state, and local government agencies around the globe. GEO offers a turnkey approach that includes design, construction, financing, and operations.
GEO represents government clients in the United States, Australia, South Africa, and the United Kingdom. GEO’s worldwide operations include the management and/or ownership of 63 correctional and residential treatment facilities with a total design capacity of approximately 61,500 beds, including projects under development.