This paper analyzes the power capture potential, structural loadings, and costs associated with an oscillating surge wave energy converter (OSWEC) operating on a raised foundation. The raised OSWEC offers opportunities for reduced installation costs, improved energy production, and greater flexibility of deployment when compared with fixed-bottom models. In this investigation, we simulated several different foundation geometries using WEC-Sim to estimate power capture and structural loads. In an effort to maximize power capture, several cases in which flat plates of varying size were attached to the top of the foundation, under and parallel with the OSWEC, were also simulated. These plates were found to enhance power capture by preventing the wave-induced pressure from passing underneath the OSWEC, diverting this pressure toward the OSWEC instead. The OSWEC was simulated in the six Wave Energy Prize sea states, which were chosen as a representative sample of U.S. deployment sites. A first-order estimate of structural costs was calculated using the Wave Energy Prize ACE metric, with the foundation comprised predominantly of steel-reinforced concrete and the OSWEC comprised of A36 steel. Influence of foundation geometry on power capture, structural loadings, and ACE are topics of particular interest. This work has been inspired by advances in large-scale additive manufacturing techniques that have the potential to dramatically reduce the cost of subsea foundations. These advancements may enable cost-effective WEC systems to be deployed on raised foundations.