PHOENIX — A legal dispute is ramping up as one of Phoenix's most prominent office-to-apartment conversions barrels toward an auction sale.
The future of One Camelback — an unfinished luxury development near the intersections of Central Ave. and Camelback Rd. — hangs in the balance as the project's lender grapples with a court-appointed receiver assigned to market and sell the asset.
The lender, Delphi Financial Group, is owed more than $68 million after developer Camelback Owner LLC defaulted on its loan in June. Delphi is determined to keep a Nov. 21 auction sale for the property, Maricopa County court documents show. Meanwhile, the court-appointed receiver charged with shepherding the sale is advocating for a more robust sales process — and interviewing potential listing agents vying for the assignment.
Any potential buyer of One Camelback would inherit a luxury development nearing completion at a destination site in the heart of Phoenix.
