diff --git a/global.json b/global.json
index 6f51da4..4d464e8 100644
--- a/global.json
+++ b/global.json
@@ -1,6 +1,6 @@
 {
   "sdk": {
-    "version": "2.1.500"
+    "version": "2.1.505"
   },
   "msbuild-sdks": {
     "Microsoft.Build.Traversal": "1.0.45"
diff --git a/src/Xamarin.MSBuild.Sdk/Sdk.targets b/src/Xamarin.MSBuild.Sdk/Sdk.targets
index 2f83b18..aa3d3e9 100644
--- a/src/Xamarin.MSBuild.Sdk/Sdk.targets
+++ b/src/Xamarin.MSBuild.Sdk/Sdk.targets
@@ -37,6 +37,10 @@
     <ItemGroup>
       <Reference Remove="@(Reference)"/>
     </ItemGroup>
+
+    <ItemGroup>
+      <PackageReference Remove="@(PackageReference)"/>
+    </ItemGroup>
     
     <ItemGroup>
       <EmbeddedResource Remove="@(EmbeddedResource)"/>
@@ -49,6 +53,7 @@
       <Output TaskParameter="CompileItems" ItemName="Compile"/>
       <Output TaskParameter="ProjectReferenceItems" ItemName="ProjectReference"/>
       <Output TaskParameter="ReferenceItems" ItemName="Reference"/>
+      <Output TaskParameter="PackageReferenceItems" ItemName="PackageReference"/>
       <Output TaskParameter="EmbeddedResourceItems" ItemName="EmbeddedResource"/>
     </PrepareConsolidationProject>
   </Target>
diff --git a/src/Xamarin.MSBuild.Sdk/Tasks/PrepareConsolidationProject.cs b/src/Xamarin.MSBuild.Sdk/Tasks/PrepareConsolidationProject.cs
index 8a77a40..a2357b2 100644
--- a/src/Xamarin.MSBuild.Sdk/Tasks/PrepareConsolidationProject.cs
+++ b/src/Xamarin.MSBuild.Sdk/Tasks/PrepareConsolidationProject.cs
@@ -33,6 +33,9 @@ public sealed class PrepareConsolidationProject : Task
         [Output]
         public TaskItem[] ReferenceItems { get; set; }
 
+        [Output]
+        public TaskItem[] PackageReferenceItems { get; set; }
+
         [Output]
         public TaskItem[] EmbeddedResourceItems { get; set; }
 
@@ -53,23 +56,49 @@ public override bool Execute ()
             var compileItems = new List<TaskItem> ();
             var projectReferenceItems = new List<TaskItem> ();
             var referenceItems = new List<TaskItem> ();
+            var packageReferenceItems = new List<TaskItem> ();
             var embeddedResourceItems = new List<TaskItem> ();
 
-            var projectsToConsolidate = dependencyGraph
-                .TopologicallySortedProjects
-                .Where (project => {
-                    if (ResolveFullPath (project.ProjectPath) == projectPath)
-                        return false;
+            var projectsToConsolidate = new List<ProjectDependencyNode> ();
+            foreach (var project in dependencyGraph.TopologicallySortedProjects) {
+                if (ResolveFullPath (project.ProjectPath) == projectPath)
+                    continue;
+
+                if (string.IsNullOrEmpty (ConsolidationConditionMetadataName)
+                    || project.ProjectReferenceItems.Any (
+                    pr => bool.TryParse (
+                        pr.GetMetadataValue (ConsolidationConditionMetadataName),
+                        out var consolidate) && consolidate)) {
+                    projectsToConsolidate.Add (project);
+                } else {
+                    // Keep top-level ProjectReferences that are not marked for
+                    // consolidation. Otherwise they get lost due to the removal
+                    // step in the PrepareConsolidationProject target.
+                    var projectDirectory = Path.GetDirectoryName (project.ProjectPath);
+                    foreach (var item in project.ProjectReferenceItems) {
+                        var itemSpec = item.EvaluatedInclude;
+                        var itemSpecFullPath = ResolveFullPath (
+                            projectDirectory,
+                            itemSpec);
+                        var itemMetadata = GetItemMetadata (item);
+
+                        if (itemMetadata.Count == 0)
+                            continue;
+
+                        if (!File.Exists (itemSpecFullPath))
+                            continue;
 
-                    if (string.IsNullOrEmpty (ConsolidationConditionMetadataName))
-                        return true;
+                        if (allItemSpecs.Contains (itemSpecFullPath))
+                            continue;
 
-                    return project.ProjectReferenceItems.Any (
-                        pr => bool.TryParse (
-                            pr.GetMetadataValue (ConsolidationConditionMetadataName),
-                            out var consolidate) && consolidate);
-                })
-                .ToList ();
+                        allItemSpecs.Add (itemSpecFullPath);
+
+                        projectReferenceItems.Add (new TaskItem (
+                            itemSpecFullPath,
+                            itemMetadata));
+                    }
+                }
+            }
 
             foreach (var project in projectsToConsolidate) {
                 var projectDirectory = Path.GetDirectoryName (project.ProjectPath);
@@ -85,11 +114,7 @@ public override bool Execute ()
                     var itemSpecFullPath = ResolveFullPath (
                         projectDirectory,
                         itemSpec);
-
-                    var itemMetadata = new Dictionary<string, string> (StringComparer.OrdinalIgnoreCase);
-
-                    foreach (var metadata in item.Metadata)
-                        itemMetadata.Add (metadata.Name, metadata.EvaluatedValue);
+                    var itemMetadata = GetItemMetadata (item);
 
                     switch (item.ItemType.ToLowerInvariant()) {
                     case "compile":
@@ -106,8 +131,15 @@ public override bool Execute ()
 
                         break;
                     case "reference":
+                        // Skip netstandard facades
+                        if (itemMetadata.TryGetValue ("NuGetPackageId", out var packageId)
+                            && packageId == "NETStandard.Library")
+                            continue;
                         collection = referenceItems;
                         break;
+                    case "packagereference":
+                        collection = packageReferenceItems;
+                        break;
                     case "embeddedresource":
                         collection = embeddedResourceItems;
                         useItemSpecFullPath = true;
@@ -150,10 +182,16 @@ public override bool Execute ()
             CompileItems = compileItems.ToArray ();
             ProjectReferenceItems = projectReferenceItems.ToArray ();
             ReferenceItems = referenceItems.ToArray ();
+            PackageReferenceItems = packageReferenceItems.ToArray ();
             EmbeddedResourceItems = embeddedResourceItems.ToArray ();
 
             return true;
 
+            Dictionary<string, string> GetItemMetadata (ProjectItem item)
+                => item.Metadata.ToDictionary (
+                    i => i.Name,
+                    i => i.EvaluatedValue);
+
             bool ShouldExcludeItem (ProjectItem item)
                 => ConsolidateRemoveItemsRegex
                     ?.Where (regexItem => string.Equals (