BURLINGTON, Vermont — Planners say an estimated $34 million redevelopment of a derelict Burlington coal plant is progressing.
New Moran Inc. has received designs for the project, the nonprofit organization's co-founder Tad Cooke told the Burlington Free Press (http://bfpne.ws/1GCmUPq ) on Tuesday.
"We've gotten the designs, and the fundraising is past the point where the project is going to happen," he said.
Cooke said they submitted a progress report to the Community and Economic Development Office at the end of June. The report is the first significant update since November 2014.
Nate Wildfire, of CEDO, declined to release the report Tuesday. He said disclosing financial details too soon could hinder the city's negotiations with New Moran.
Cooke said the team hopes to negotiate a development agreement with the City Council by September. Once they have that, the project can then begin the design, permitting and funding phase.
A public market for restaurants and retail outlets is designed for the ground-level with an event space above for concerts, conferences, private parties and a winter farmers market. The third, fourth and fifth floors would be used as a collaborative workspace for startups and other growing businesses. An observation deck is planned to be built on the roof.
New Moran plans to break ground next summer and complete the project in about a year.
It has raised $650,000 so far and $1.2 million in donor pledges. The city is committed to razing the plant if the team cannot raise enough money.
"While this is the last shot to redevelop this building, we think it's the best shot," Cooke said. "This is an opportunity that could transform the city."
Information from: The Burlington Free Press, http://www.burlingtonfreepress.com