$10 million renovation, rebrand planned for downtown Phoenix high-rise
Sumitomo
By: Corina Vanek, Phoenix Business Journal
Posted at 9:18 AM, Apr 28, 2021
and last updated 2021-04-28 12:18:21-04
After Sumitomo Corporation of Americas bought the Collier Center in downtown Phoenix for $190 million in late 2019, Transwestern Real Estate Services is planning a $10 million renovation and rebrand to the high-rise.
âAlongside Sumitomo, we have planned top-of-the-line renovations that will elevate the iconic building beyond recognition from its previous appearance,â Jim Achen, Transwestern senior vice president, said in a statement. âIn light of the Covid-19 pandemic, we have given special consideration to incorporating advanced touchless technology and safe space planning strategies.â
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Construction has already begun on a 148K SF retail space that will serve as the anchor tenant for the mixed-use development.
The Grid is being developed by StreetLevel Investments and joint venture partner Provident Realty Advisors. Construction of the 192-acre mixed-use development began in 2018 and will be completed in multiple phases.
Some of the offerings include 350K SF of retail, restaurant and entertainment concepts; 2,400 residential units; 500K SF of creative office space; multiple hotel brands and concepts; a health club; a network of pocket parks, jogging and bike trails; and activated public space. Architecture firm Gensler and landscape architecture company TBG are consultants on the project.
Transwestern Real Estate Services said it is expanding in Louisiana by opening a new office in Baton Rouge led by Managing Director Branon Pesnell. The 20-year industry veteran will be recruiting a team to provide tenant and landlord leasing for all asset types, expanding on the brokerage firm’s current presence in New Orleans.
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