Phoenix's One Camelback Tower Revived After Five-Year Limbo

PHOENIX, AZ – December 29, 2025 – After standing as a silent, partially finished monument for nearly five years at one of Phoenix’s most iconic intersections, the One Camelback tower has a new lease on life. Kinella Capital, LLC, a boutique investment firm led by Founder and CEO TK Stratton, has acquired the high-profile office-to-residential conversion, promising to end years of speculation and finally complete the long-stalled project.

The acquisition marks a pivotal turning point for the property located at the gateway to Uptown Phoenix, where Central Avenue meets Camelback Road. The development, which had remained dormant and shrouded in uncertainty, will now see a flurry of activity as Kinella Capital takes control to resume and finalize construction.

A Landmark's Troubled Past

The journey of One Camelback has been a case study in development challenges. Launched in 2018, the ambitious plan to convert the former office building into 163 modern residential units was met with a cascade of disruptions. Soaring inflation drove up costs, the global pandemic introduced unforeseen delays, and a series of contractor disputes ultimately ground the project to a halt when it was approximately 80 percent complete.

For years, the structure sat in limbo, a prominent reminder of unrealized potential. Ownership was eventually transferred to Acore Capital through a trustee sale before Kinella Capital stepped in to acquire the asset. Despite the prolonged delays, the building’s core architectural integrity remained intact, a fact often overlooked by outside observers.

Dale Phillips, Founder of Stellar Residential, which is advising on development and lease-up strategy, noted that public commentary often failed to capture the reality of the situation. While the exterior showed a project frozen in time, the building’s interior, with its dramatic 150-foot atrium, floor-to-ceiling glass, and stunning eleventh-floor views, held the same promise it always had.

A Rescue Mission, Not a Reinvention

Kinella Capital's strategy is not to reinvent the project, but to execute a rescue. The firm's leadership saw past the troubled history and focused on the building's inherent strengths.

"When we evaluated One Camelback, we looked past the stalled construction and the history tied to it," said TK Stratton. "We saw the building, the intersection and the neighborhood. This corner is a gateway to Uptown Phoenix. It needed a team who could take ownership of every detail—design, construction, engineering, capital, operations—and get it across the finish line."

According to Stratton, the core issue was never the building itself but the financial structure supporting it. "The design was strong; the capital markets weren't," he explained, pointing to rising interest rates that made the final stretch uneconomical for the previous owner. "It didn't need a reinvention. It needed a rescue."

To achieve this, Kinella is deploying its integrated builder-operator model, a key differentiator that allows the firm to take direct control of the remaining work. Backed by its own KB-1 contracting and A-1 engineering licenses, Kinella bypasses the common pitfalls of distressed projects by eliminating the need for a complex web of competing consultants.

"One Camelback needed a buyer who could assess everything from fire-life-safety systems to structural tie-ins," Stratton stated. "You can't subcontract your way out of a distressed conversion. You need full alignment between owner, builder and operator. A stalled high-rise terrifies lenders. Uncertainty kills momentum. Kinella's team knows how to eliminate that uncertainty."

This hands-on approach has earned Stratton a reputation as a specialist in turning around seemingly impossible projects. "He's the guy you call when everybody else walks away," added Phillips. "If a building is too far gone, TK is usually the only one who says, 'Actually, we can fix this'."

Charting a Path Forward

Immediately upon acquisition, Kinella Capital began stabilization efforts, halting any further decline and imposing order on the complex site. The firm initiated a period of detailed "construction forensics"—a meticulous, room-by-room assessment of the building's electrical, mechanical, and structural systems. This deep dive allowed the team to unravel years of permitting and construction complications, settle outstanding design questions, and finalize the amenity program.

By taking direct control, Kinella is creating a unified and realistic path to completion. The firm is working closely with the City of Phoenix Building Department to reinstate permits and streamline the approvals necessary to accelerate the final phases of the build. Debt financing for the acquisition and redevelopment has been secured through Post Road Group, with Cushman & Wakefield advising on both the acquisition and the debt placement.

A Renewed Vision for Uptown Living

The completed One Camelback will lean into the very features that made it an attractive proposition from the start: unparalleled walkability, direct transit access, and proximity to premier restaurants and retail. The refreshed vision includes modern finishes, secured parking, and technology-forward conveniences designed for a sophisticated urban lifestyle.

The building's exceptional features will be the centerpiece of the resident experience. Floor-to-ceiling glass will offer sweeping skyline views, while a rooftop pool and state-of-the-art wellness and fitness amenities will set the tower apart in a competitive rental market.

"One Camelback isn't just another building," Phillips emphasized. "It's a landmark. The views, the glass, the location—they're irreplaceable. Under Kinella's leadership, the building finally has the operator-builder it needed. Uptown renters want convenience, sophistication and a sense of place. This building hits all three."

For Kinella Capital, the project is more than a single acquisition; it’s a template for the future. "We plan to take on more adaptive reuse projects," Stratton said. "When executed with discipline, office-to-residential conversions create value for investors and stability for communities. The builder-operator model isn't optional anymore."

He added that the project holds personal significance. "I've restored and renovated hundreds of properties, but this one matters. It matters to Phoenix and it matters to our team. It represents resilience, discipline and the belief that difficult projects are worth doing." With schedules now being finalized, visible progress is expected over the next 12 months as the tower is prepared for a phased occupancy, finally fulfilling its promise to the city.