Itamar Moses and Michael Friedman's new musical is conceived and directed by Daniel Aukin.
The actress will be replaced by stage and screen veteran Elizabeth Reaser.
The Tony-winning musical will end its run on August 24.
Jerry Mitchell will direct the new musical.
Espinosa won for her single "Stone Cold Sober."
The Tony winner will be awarded the prize at an upcoming fundraising event.
The Broadway premiere also features Kieran Culkin and Tavi Gevinson.
Manhattan Concert Productions will present the Tony-winning musical at Avery Fisher Hall.
Who wouldn't want to be a guest at Carrie White's prom?
The previously announced tune has been removed from the final version, according to director Rob Marshall.