The first residents are preparing to move into One Camelback, the central Phoenix tower that has spent more than seven years under construction as it was converted from an office to apartments.
The project is about 20% pre-leased, and move-ins are expected in early October, TK Stratton, CEO of Kinella Capital, the owner and developer of the project, said. Kinella Capital bought the building, located at Central Avenue and Camelback Road, in late 2025 and has worked since then to finish the long-awaited conversion project.
One Camelback was built in 1985 as an office tower for BMO Harris Bank but was gutted in 2019 with plans to convert it into apartments. Work on the 11-story tower stalled, and it sat dormant for years. When Kinella Capital bought
it, about 150 of the total 163 apartment units were nearly move-in ready. Because the building has an 11-story central atrium, Stratton said the project could not open in phases, and the whole building needed to be complete before the company could allow anyone to move in.
Since buying the building, much of the work has focused on common areas, the gym and lobby. The common area has a full-size kitchen, a bar top and living room furniture and a 2,500-square-foot gym with state-of-the-art equipment.
Residents will also have access to a program called Resident Chef by Urban Fraiche, a partnership with the nearby restaurant that will allow residents to order food from Urban Fraiche to be delivered to their apartment.
The ground floor of the building will have businesses, including health and wellness company EverSpan, which has signed a lease. Kinella Capital has letters of intent for businesses seeking the other spaces, including fitness and restaurants.
The building has units ranging from studios to three-bedrooms, with the lowest-priced studio renting for about $1,700 per month, to the three-bedroom units asking $10,000. Other units in the development are being offered at a variety of price points, with one-bedroom units starting at $2,200 per month. Units range from 532 to 1,898 square feet.
The units boast floor-to-ceiling glass with panoramic views of the Valley, including unobstructed views of Camelback Mountain, the Phoenix Mountains Preserve and downtown Phoenix.
Stratton said it has been gratifying to be part of getting the long-delayed project over the finish line.
“How cool to get to go from an eyesore to, in my opinion, one of the best properties in Phoenix,” he said.
Reach the reporter at cvanek@arizonarepublic.com. Follow her on X, formerly Twitter: @CorinaVanek.
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This article originally appeared on Arizona Republic: After 7 years, One Camelback in uptown Phoenix prepares for move-ins
