Renaissance Square’s phase II renovations are in progress and will give the property a new look, remodeling the property’s gym and the connecting walkway between the two towers’ lobbies.
According to Mark Wayne, the co-founder and principal of Cypress Office Properties, which owns Renaissance Square with asset management firm Oaktree Capital Management, the renovations are scheduled to be completed by June 2018.
The total budget for the renovations is approximately $20 million. Phase II follows the property’s $50 million phase I renovations, which remodeled the lobbies in the two towers and converted the property’s third floor to a common space for tenants’ use, featuring meeting spaces, a game room and a lounge.
Wayne said the building’s interior, which dates to the 1980s, was looking tired and needed a refresh.
“The way that connector was designed, it was really a kind of internal, zig-zagging, dark, outdated walkway between the two lobbies that was not overly attractive or enjoyable to walk,” he said.
The connector portion, measuring over 10,000 square feet, formerly featured some retailers along the sides of the space. The retail spaces will be removed as Wayne said it allows for more natural light to be brought into the space.
Cypress and Oaktree bought the property in 2016. Wayne said since then, the goal has been to adapt the property to the changing atmosphere of downtown Phoenix as more companies outside of the financial and legal sectors move in.
“Being an urban, walkable environment is now attracting other types of companies, including tech-related companies and the like,” Wayne said.
Despite this commitment, Cypress came under fire in November for chopping down trees in the square beneath the towers.
Over 3000 downtown residents signed a petition to save the trees on the property. The developers moved forward despite this, clearing the trees on November 13.
Andrew Cheney, Principal at Lee & Associates, the leasing company for Renaissance Square, said he believes the renovations will draw more tenants in.
“With all sorts of tenants coming in, it’s going to transform the look of that building and help transform downtown,” Cheney said.
Renovations will mean an increase in rent for space in the building. Although Cheney said he could not give details on how much rent would increase as leases vary, the increase will not be large.
Cheney believes the perception of Renaissance Square will change among the public to one of a popular place, not just an old building with some new renovations.
Kim Bellefeuille, an architect at RSP Architects, worked on the design of the renovations and said the biggest challenge was working around some of the 1980s design features.
“They were really using some kind of trendy eighties shapes and finishes,” Bellefeuille said. She said examples of these include granite finishes and octagonal columns.
Bellefeuille also believes the renovations will improve the property’s future.
“I think it will become a place to hang out in downtown,” she said.
Contact the columnist at Thomas.Triolo@asu.edu
Downtown Devil's community section editor. I also write the Downtown Digest, a weekly column with things to do, with experience writing news articles and creating news videos as well. Graduating from ASU in May 2020.
