The project is initially being funded with a $1-million grant from the Federal Land and Water Conservation Fund that will be matched by the city for a total of $2 million. City officials estimate that the entire project will cost $5 million. The master plan for the site will include new ice skating amenities, gathering spaces, seating areas, landscaping, monument restorations, walkway alignments, and pavement and site furnishings.

In a released memorandum from city parks commissioner Michael V. O'Brien, he says that the restoration "is part and parcel of the new vision for Downtown, to unify economic development initiatives in and around the Worcester Common with the redesign of this space, literally viewing these 5.2 acres of public open space as an intricate component of, and a catalyst for, the revival of this entire area."

The master plan is scheduled to be completed this April, and needs to be approved by both the city council and the city's parks and recreation commission. If approved, the first phase of the construction project will begin this coming summer. The Common is a National Historic Register Places property.