PHOENIX—The Esplanade has announced that this premier mixed-use development will undergo renovations to the ground plane and retail space with work slated to begin in first quarter 2015.
Renovation plans currently include strategies to open up the three main entry points to the retail portions of the property to make them more inviting and accessible to visitors. Additionally, the walkways will be redesigned so retailers can provide their customers with indoor/outdoor spaces in which to shop and dine. The central corridor will be reimagined to create a community square offering a space for the Esplanade community to come together. The space will offer outdoor seating as well an area for community events.
MetLife, the owner of the property, has tapped CBRE to oversee management of the renovations. Gensler has been selected as the project's architect and design firm. A general contractor has yet to be announced. CBRE is also responsible for property management and the marketing and leasing of the retail portions of the property. JLL handles the marketing and leasing of the office space.
Traci Russell, vice president with CBRE, who oversees the marketing and leasing assignment on retail space at the Esplanade, tells GlobeSt.com, “Our strategy for retail leasing has been really focused on 'place creation' in the sense that we want to create a lifestyle environment for both the Esplanade's office tenants, hotel guests and residents in the immediate area. That's really driven this theme of 'what's next' and 'what's happening.' We want to create a sense of place and offer amenity options that make people feel a sense of community within the complex.”
Located at 24th Street and Camelback Road, the Esplanade benefits from proximity to a wealth of amenities, including adjacency to the Biltmore Fashion Park with its myriad of iconic retailers and restaurants. Offering office tenants a vibrant community in which to work, shop and dine, the Esplanade epitomizes the “lifestyle” type of work environments modern office users want.
“We've been working really closely with Gensler on design and have come up with several creative plans to not just open up the common areas, but offer retailers some really interesting options for their spaces,” continues Russell.
“Real estate professionals recognize that economic drivers are moving move back to city-centers and office buildings can no longer just be office buildings. The Esplanade already offers office tenants a mixed-use, well-amenitied environment in a core location. With the planned renovations the complex will be elevated to become the epicenter of the Biltmore community. Not only will office tenants benefit, but the Esplanade will become a place for neighborhood residents and Biltmore visitors to gather and connect as well.”
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