After years of speculation and a high-profile ownership reset, One Camelback is no longer a question mark on the Uptown skyline. It is a construction site in motion.
Kinella Capital, LLC, led by developer TK Stratton, has reached several key milestones at the long-stalled office-to-residential conversion, signaling that one of Phoenix’s most talked-about projects is firmly back on track for a fourth quarter 2026 completion.
“The progress happening right now is what people have been waiting to see,” Stratton said. “This project has always had the bones. Now it has the execution.”
Since taking over the property, Kinella has moved the project into an active construction phase, with major infrastructure work completed and visible transformation underway across the site.
Key construction milestones include rooftop pool and amenity areas that are nearing completion and designed to capture sweeping Uptown and mountain views, while clubhouse interior buildout has advanced to drywall installation, marking a shift into vertical interior construction and finish work. Significant progress has also been made on exterior site development, including circulation, access and overall grounds design, helping define the building’s arrival and street presence. At the same time, comprehensive upgrades to plumbing, HVAC and technology infrastructure have been completed to support modern residential standards, updated fire-life-safety systems have been implemented to meet current requirements and improve building performance, and the lobby, entrance, clubhouse, fitness center and pool deck have all been fully reimagined to create a more elevated and cohesive resident experience.
Together, these milestones represent a critical turning point for a project that had previously stalled at roughly 80 percent completion. According to Stratton, the restart process revealed several areas that required rethinking, not just finishing. “When we stepped in, we saw opportunities to improve the building in meaningful ways,” he said. “Finishes, site design, fire safety, those were all areas where we brought in the right engineers and partners to elevate the outcome.”
That collaborative approach has brought renewed momentum and clarity to the development. Stellar Residential, led by Dale Phillips, continues to play a key role in advising on strategy, operations, and lease-up planning.
“People have been watching this building for years, waiting to see what would happen,” Phillips said. “Now they’re finally seeing real progress, and the level of detail going into these upgrades is what’s going to set it apart. This isn’t just a restart. It’s a refinement.”
The project remains on track for completion in the fourth quarter of 2026, with construction steadily advancing toward its next phases.
Beyond construction, momentum is building on the leasing front. “There’s been a tremendous amount of inbound interest,” he said. “From residents, from retailers, it’s clear people understand what this building can be. We’re being very intentional about who and what becomes part of that experience, because the right mix will define how this property lives and feels.”
Pre-leasing is expected to begin soon, with rental pricing anticipated to be announced ahead of the official leasing launch later this year. The curated retail component, which will activate the building’s ground level, is also in development, with tenant announcements expected in the coming months.
Phillips said what’s happening behind the scenes will ultimately define the project’s success. “From a leasing and operations standpoint, this is one of the most compelling assets in the market right now,” he said. “When you look at the location, the design, and the level of upgrades happening, there really isn’t anything else like it in Uptown.”
For Uptown Phoenix, the visible progress marks more than just construction. It signals a shift in how the market views adaptive reuse and high-end urban living. “This project is a major step forward,” Stratton said. “It shows that office-to-residential conversions can work, and not just work, but create something more desirable than a standard apartment. When you combine location, design, and execution, you get a completely different level of product.”
He added that the response so far reinforces that belief. “The interest we’ve seen isn’t surprising when you really look at what this building offers. The views, the amenities, the walkability, it’s one of a kind.”
With construction advancing, systems in place, and leasing on the horizon, One Camelback is entering its most important phase yet, turning long-standing curiosity into a tangible, livable reality.
