PHOENIX — A vacant office building near Central Avenue and Camelback Road in Uptown Phoenix is finally getting new life as a luxury apartment building after sitting empty for nearly a decade.
The building, now called One Camelback, has been converted into 163 residential units ranging from studio apartments to three-bedroom penthouses. About 20% of the units are already leased, according to Stellar Residential, the leasing company for the building.
TK Stratton, CEO of Kinella Capital, said his company took over the building in December and completed a project that previous developers could not finish.
"Through starting and stopping construction and financing and whatever, that's just how it sat," Stratton said.
Kinella Capital inherited a project that had been delayed due to market shifts and financial challenges.
"They were very far along in construction. It's just timing; the market changed, financial issues, banking stalled the project. We had to come in and figure it out, where the trades left off, engineering," Stratton said.
Stratton said the finished product is something the neighborhood can be proud of.
"Exciting time for Phoenix, for Uptown and neighbors, has had this kind of this eyesore sitting here and now it's one of the nicest properties in Phoenix," Stratton said.
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One of the building's most striking features is a 150-foot atrium at its center. The building also features a rooftop pool, clubhouse, and fitness center.
Isabelle Brown, senior director at Stellar Residential, has watched the building evolve through multiple stages of construction.
"We've seen it go from different life cycles from when it was going through construction and all the concrete removed, all the windows removed, to now finally seeing it furnished; it's really exciting," Brown said.
The penthouses offer sweeping views of the city. Stratton said some units have 300-degree views.
"Because the glass starts all the way on that side and wraps all the way around to the other bedrooms so you can see almost all of Phoenix with unobstructed views," Stratton said.
Monthly rent ranges from $1,700 to $10,000. Brown said they hope residents can start moving in early October.
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