$45 million renovation announced for the Esplanade in Phoenix’s Biltmore district
PHOENIX (3TV/CBS 5) -- Major upgrades are coming to one of Phoenix’s most prestigious neighborhoods. The iconic Esplanade office building campus, which covers a good portion of the Biltmore District in east Phoenix, is set to begin a $45 million expansion.
CBRE, which operates hundreds of real estate offices globally, says crews will build a new 16,000-square-foot facility, offering a new cafe and bar, co-working spaces, lounges, gaming areas, and a state-of-the-art fitness center. Another addition to the area will include a new conference room with 8,000 square feet of space that can accommodate events with up to 100 people. In all, the project is expected to add 30,000 sq. feet of new amenity spaces.
“This renovation will amplify the already desirable location and offerings the Esplanade has,” said Bryan Taute, executive vice president at CBRE. “The property is approximately 90% full and we have leased 200,000 square feet in new deals and renewals since March this year. We look forward to not only enhancing the experience for tenants and visitors...”
Much of the Valley is seeing explosive growth in the commercial and industrial space, but little of it has centered on heavily populated Phoenix. Last month, electric utility provider Salt River Project (SRP) announced a plan to increase total battery capacity with projects in Avondale and Gilbert. And in the northwest valley, Village At Prasada is bringing more retail and restaurants to Surprise.
Other big projects happening in the Valley include the plethora of microchip plants planned to double Arizona’s workforce in the semiconductor industry. Real estate experts say that Arizona’s low land costs and advantageous tax code is bringing more businesses to the Valley.
Last year, Intel announced a $20 billion expansion in Chandler. And Taiwan Semiconductor Manufacturing Corporation is making a $12 billion investment in a new Phoenix facility. In the last couple of months, Edwards and JX Nippon Mining and Metals have announced groundbreaking plans in the East Valley.
New construction at the Esplanade is slated for Spring 2023.
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