That dormant building on Camelback Road in Phoenix? It may soon open

Article originally posted on AZ Central on April 3, 2026

Residents could begin moving in to One Camelback, the long-dormant office-to-apartment conversion project on Central Avenue and Camelback Road, by the end of this year.

Much of the work is nearly done at the long-awaited development, with many of the luxury apartment units nearly ready for move-in. The building’s owner, Mesa-based Kinella Capital, is in active lease negotiations for the retail space on the ground floor.

TK Stratton, founder and CEO of Kinella Capital, said the building has about 11,000 square feet of retail space, and could have up to six businesses on the ground floor, depending how much space each one needs.

Stratton said he would like the retailers in the building to be businesses that can benefit residents’ lifestyles, like food and beverage places or wellness.

Kinella Capital bought the building in December, but the development had hit many roadblocks before that point. The 11-story building was built in 1985 as the BMO Harris Bank Tower, but in 2019 the building’s owners gutted the building and began transforming it into luxury apartments.

The project halted and the site went into foreclosure. The lender bought it back at a foreclosure auction in 2023, and Stratton’s firm purchased the site in early December for $36 million.

When Stratton bought it, about 150 of the 163 apartments were nearly move-in ready. The units on the lower levels needed the most work, he said. His team has since been underway with plumbing, electrical, framing and drywall work on the lower-level units, along with the second-floor amenity space. The common area will have a full-size kitchen, a bar top and living room furniture and a 2,500-square-foot gym with state-of-the-art equipment, he said.

He said he expects the building to be attractive to young professionals, so the common areas will have workspaces.

The units boast floor-to-ceiling glass with panoramic views of the Valley, including unobstructed views of Camelback Mountain, the Phoenix Mountains Preserve and downtown Phoenix. The units center around an interior atrium space that extends to the top of the building.

The former owner and developer of the building created a rooftop pool deck, with cabanas, a pool and hot tub, lawn space with games, a grill area and fire pit with views of metro Phoenix.

Stratton said his team has not determined the rental rates for the units yet, but the units are expected to be luxury-level pricing. Pre-leasing on the building will likely begin in late summer, and Stratton said he expects residents to move in near the end of the year.

On an average day, Stratton said there are between 70 and 80 construction workers on-site. Most of the remaining interior work is on the lower levels and amenity space. Outside, they are adding a large awning and porte-cochere to highlight the building’s entrance, which is on the south side.

The office building had a 540-space underground parking garage, which will be used for the residents and retail space.