Kinella Capital Moves Long Stalled One Camelback Toward Completion

Date: December 11, 2025

Source: The Arizona Republic / azcentral.com

For years, drivers along Central Avenue and Camelback Road watched One Camelback sit in a state of limbo. The former BMO Harris Bank tower, partially converted to luxury apartments, became one of Phoenix’s most visible stalled projects.

That chapter is now changing. Kinella Capital, led by Founder and CEO TK Stratton, has acquired the property for $36 million and is moving to complete the 11 story conversion. The project was roughly 80 percent finished when work stopped and the site went through foreclosure in 2023.

From Dream Project To Active Redevelopment

Stratton recalls driving past One Camelback for years and wondering about its future. “It was a dream of mine,” he said. “I really wanted to buy it and own it and do this project.”

Kinella Capital’s background in insurance restoration and completion of damaged or abandoned developments made the firm a natural fit for a complex, partially completed high rise. The company has extensive experience stepping into projects affected by fires, floods, or other disruptions and bringing them to the finish line.

Project Status And Building Details

The 11 story building, originally constructed in 1985 as the BMO Harris Bank tower, began its redevelopment in 2019 under a previous owner.

Today, approximately 150 of the 163 planned apartments are nearly complete, with countertops, appliances, and finishes either installed or ready to install. The remaining 13 homes are in the final stages of construction.

“It is beautiful, it speaks for itself,” Stratton said. “There are 11 foot ceilings in all the units and floor to ceiling windows. The views are incredible.”

Working With The City To Restart A Landmark

A key step in the reset has been coordinating with the City of Phoenix to transfer permits and reinstate those that expired while the project was stalled. Stratton notes that the city has been an active partner because there is strong interest in finally seeing the building completed and occupied.

Dale Phillips of Stellar Residential, who worked with the prior owner, will continue on the project as property manager and strategic adviser as One Camelback moves toward lease up.

Timeline And Ground Floor Activation

Over the next 12 months, Kinella Capital expects to complete remaining construction and begin pre leasing both the residential units and the ground floor commercial space.

The building includes approximately 10,725 square feet of ground floor commercial area that Stratton describes as suitable for a range of uses. The location offers strong walkability, with AJ’s Fine Foods, restaurants, and neighborhood amenities all within a short walk, supported by light rail access at the corner.

“It is a truly walkable location,” Stratton said.

Media Coverage

The story of One Camelback’s restart under Kinella Capital was covered by Corina Vanek of The Arizona Republic.

Read the full article on azcentral.com

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For more information about One Camelback or Kinella Capital’s work in complex redevelopment, please contact info@kinellacapital.com.