Work Resumes At One Camelback Under New Ownership

Date: December 8, 2025

Source: FOX 10 Phoenix

After sitting vacant for the last two years, One Camelback is back under construction. The 11 story tower at Central Avenue and Camelback Road in Phoenix is being transformed from a former office building into luxury apartments under the direction of its new owner, Kinella Capital.

The building had been partially converted before work stalled when the previous owner ran out of capital. Although roughly 80 percent of the redevelopment was in place, a combination of COVID related disruption, supply chain challenges, and rising interest rates ultimately pushed the project into default in 2023.

New Owner New Plan

Kinella Capital Founder and CEO TK Stratton, who previously worked alongside his father in construction and restoration, stepped in to acquire the property once it returned to the market. Stratton’s background in solving complex building problems was a strong fit for a high-rise conversion that needed both technical and financial stabilization.

“When we looked at One Camelback, we saw a unique corner and a one of a kind building,” Stratton noted. “Our focus is on taking ownership of design, construction, engineering, capital, and operations to get it across the finish line.”

163 Residences With Valley Wide Views

When complete, One Camelback will deliver 163 apartment homes wrapped in floor to ceiling glass. Residences will offer approximately 11 foot ceiling heights and unobstructed views across the Valley, including Camelback Mountain, the Biltmore area, downtown Phoenix, and Four Peaks.

A rooftop deck will feature a pool and outdoor gathering spaces that take advantage of the building’s elevated position along the Central Avenue corridor.

From Vacancy To Momentum

The building’s long pause reflected broader trends facing office to residential conversions around the country. As more people work remotely and companies use office space more efficiently, older office towers have struggled to keep pace. Experts note that conversions like One Camelback are complex but can play a role in addressing housing needs, even when the finished product is aimed at the higher end of the market.

For Phoenix and the Uptown neighborhood, resuming construction at One Camelback signals new momentum at a prominent transit oriented corner that had been frozen in time.

What Comes Next

With Kinella Capital now in place as owner and developer, construction has restarted and planning is underway for phased completion and lease up. Stratton and the team are targeting visible progress over the coming year, with the goal of welcoming pre lease interest around 2026.

As Stratton summarized in the FOX 10 coverage, One Camelback is “a project that is unique to anything that exists” given its combination of glass, views, and location “on the corner of Main and Main” for Uptown Phoenix.

Media Coverage

The segment on the project’s restart aired on FOX 10 Phoenix with reporting by Steve Nielsen.

Watch the full FOX 10 Phoenix segment

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For more information about One Camelback or Kinella Capital’s development platform, please contact our team.