Staff Reports | Business & Commerce
After nearly five years in limbo and millions of dollars tied up in a stalled redevelopment, One Camelback has a new owner and a new trajectory.
Kinella Capital LLC, led by founder and CEO TK Stratton, has taken over the office‑to‑residential conversion at Central Avenue and Camelback Road and begun stabilizing the property to steer it toward completion.
According to a press release, the building’s soaring 150‑foot atrium, floor‑to‑ceiling glass and sweeping 11th‑floor views have long been admired from the street but rarely seen inside, with access limited mostly to architects and lenders. Dale Phillips, founder of Stellar Residential, who advises on development strategy and lease‑up, said most critics “never stepped foot inside,” making the reset overdue.
Kinella Capital acquired the property from Acore Capital after broader market factors created a pause in momentum, though the building itself remained structurally sound. With Post Road Group providing debt financing, the team now has the capital structure to revive the project.
Originally launched in 2018 with a plan for 163 apartments and significant investment, the redevelopment faced inflation pressures, pandemic delays and contractor disputes that slowed construction at roughly 80% completion. Acore Capital ultimately took the property back through a trustee sale before Kinella stepped in to reset the project.
“When we evaluated One Camelback, we looked past the stalled construction and the history tied to it,” said Mr. 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.”
Kinella’s early move was to impose order. The firm’s builder‑operator model — backed by KB‑1 contracting and A‑1 engineering licenses — allowed it to take control of construction rather than inherit a lineup of competing consultants.
“One Camelback needed a buyer who could assess everything from fire‑life‑safety systems to structural tie‑ins,” Mr. Stratton said. “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.”
