Camelback Esplanade, once the unofficial headquarters for Valley power lunches, is now mentioned most often for slowing revenue and high turnover rates. This June, however, the storied mixed-use center will welcome a newcomer to the table.
In its first restaurant venture in Arizona, Del Frisco’s Grille will fill the now-vacant booths of the venerable Houston’s Restaurant, which relocated in December 2010.
Del Frisco’s Grille, a high-end steakhouse and bar, serves contemporary American cuisine.
Del Frisco’s Grille is exactly what the landlord hoped for, says Jon Cowen, senior director at Cushman & Wakefield of Arizona. Cowen was the property’s listing agent, representing the Metropolitan Life Insurance Company of New York in the lease transaction.
“MetLife, the owner of the property, is very pleased to be leasing space to a high caliber brand like Del Frisco’s Grille,” Cowen says. “This mixed-use restaurant and retail project is the perfect home for a destination restaurant of this quality and reputation.”
Camelback Esplanade lost major tenants in Houston’s Restaurant and McCormick & Schmick’s, which closed abruptly in early January. In an effort to revamp the property’s appeal, Camelback Esplanade plans to amend its image, Cowen says.
“This lease is a critical first step in our plans to re-merchandise the retail space at Camelback Esplanade,” Cowen says.
Despite the center’s dwindling headcount, Del Frisco’s Grille is eager to make the move.
“This Camelback location is ideal,” says Bill Martens, director of development at Del Frisco’s Restaurant Group. “It has a good balance of strong office and residential density to support this dining experience, making us a convenient choice for our local guests.”
Del Frisco’s Grille plans to extensively renovate the 7,379 SF restaurant space, including the installation of a roof deck patio for extended dining capacity. Located at 24th Street and Camelback, the restaurant will be the third Del Frisco’s Grille location nationwide.
To find out more about Camelback Esplanade’s restaurants, camelbackesplanade3.com.