New Moran, Inc. released a progress report last week detailing the efforts to redevelop the former waterfront power plant. The plan outlines a new marketplace along with a 1,500-capacity conference venue and additional office space. The new development, operating as a year-round public amenity and economic driver, will bring an economic and commercial hub to Burlington’s beloved waterfront.
The non-profit, headed by co-founder Tad Cooke, estimates the entire 68,000 square foot project to cost $33.7 million, with a construction cost of $25.6 million calculated by Boston firm Vermuleans. According to the plan, New Moran, Inc. will secure funding from five sources: tax credits (43%), charitable donations (33%), tax increment financing (19%), low interest loans (3%), and tenant fit-up capital (2%).
As of the time the report was released, $1.85 million in donations or pledges had been raised of the $11 million fundraising goal. A fundraising campaign is expected to begin this summer until June of next year. New Moran expects to commence construction once the campaign is concluded in anticipation of a grand opening in fall 2017.