The Esplanade has announced that the mixed-use development will undergo renovations to its 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.
The Esplanade is one of the area’s most prestigious and sought-after office locations; it’s the heart of the Camelback Corridor,” said Andi St. John, managing director of Asset Services with CBRE, which oversees management of the entire Esplanade complex. “The planned renovations will capitalize on the existing cache commanded by the property and create a first-class retail experience better connecting the complex to the Biltmore community.”
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.
Located on E. Camelback Rd. in Phoenix, 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.
Real estate professionals recognize that economic drivers are moving move back to city-centers and office buildings can no longer just be office buildings,” said Traci Russell, vice president with CBRE, who oversees the marketing and leasing assignment on retail space at the Esplanade. “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.”