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UPDATE: New Moran, Inc. Releases Progress Report

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.

Read Zach Despart’s full article in The Burlington Free Press HERE for more information on the recent progress release.

For continuing updates on the project, visit New Moran’s website HERE at moranplant.org.

Be sure to visit LipVT.com HERE for more updates on this story, along with the latest Burlington real estate listings.

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