After nearly five years of sitting in a sort of development purgatory, One Camelback is finally waking back up. The high-profile building at Central and Camelback (once imagined as 163 sleek apartments with big views and even bigger design ambitions) is officially under new ownership, and the fresh start is already changing the tone around one of Phoenix’s most talked-about conversions.
Kinella Capital, led by Founder and CEO TK Stratton, has taken the reins and started stabilizing the site. For years, the building was a bit of a mystery. People admired it from the outside, but few ever got a look at the dramatic 150-foot atrium or those eleventh-floor views. As Dale Phillips of Stellar Residential put it, most critics “never stepped foot inside,” which made the long-overdue reset feel even more necessary.
The property came into Kinella’s hands after broader market conditions stalled the original redevelopment. Even though millions had already been invested, inflation, contractor disputes and challenges slowed progress to about 80 percent completion. Acore Capital eventually took it back through a trustee sale, and that’s when Kinella stepped in — with Post Road Group providing the financing needed to get the project moving again.
“When we evaluated One Camelback, we looked past the stalled construction and the history tied to it,” Stratton said. “We saw the building, the intersection and the neighborhood. This corner is a gateway to Uptown. It needed a team who could take ownership of design, construction, engineering, capital and operations and get it across the finish line.”
He didn’t blame the building for the delays. With interest rates climbing when the project most needed stability, the economics simply didn’t work for the previous owner.
Because Kinella’s team holds its own KB-1 contracting and A-1 engineering licenses, they were able to bring construction in-house instead of juggling a long list of outside consultants.
“One Camelback needed a buyer who could assess everything from fire-life-safety systems to structural tie-ins,” Stratton said. “You need full alignment between owner, builder and operator. Uncertainty kills momentum. Kinella’s team knows how to eliminate that.”
From there, the team dug into construction forensics, examining the building room by room to finalize design decisions, sort out amenity plans and clean up years of complicated permitting and engineering questions. With help from partners including Cushman & Wakefield, Post Road Group, Stellar Residential and the City of Phoenix, Kinella is reestablishing the structure, the timeline and the momentum.
The new vision for the building leans into what people have always loved about the site: walkability, light rail access, nearby restaurants and views. Residents can expect modern finishes, floor-to-ceiling glass, a rooftop pool, wellness spaces, secured parking and technology-forward touches designed for today’s renters.
For the neighborhood, the revival of One Camelback ends years of speculation about what would become of the half-finished tower. And according to Phillips, the final product is exactly what Uptown needs.
“One Camelback isn’t just another building,” he said. “It’s a landmark. The views, the glass, the location; they’re irreplaceable. The amenities, finishes and walkability line up exactly with what renters want: plus, convenience, sophistication and a sense of place. This building hits all three.”
Now that ownership is settled, Kinella is finalizing schedules, completing the remaining construction and preparing for phased occupancy. Visible progress is expected over the next year; a welcome sight for anyone who’s been watching the building sit still for far too long. Learn more at onecamelback.com.
