After nearly five years in limbo and millions of dollars wrapped 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 officially taken over the prominent office-to-residential conversion at Central Avenue and Camelback Road. With the acquisition, Kinella has begun stabilizing the property and steering it back toward completion.
To many, the building had become a mystery — admired from the street, rarely seen inside. Its soaring 150-foot atrium, floor-to-ceiling glass and sweeping eleventh-floor views were known mostly to architects, lenders and rumor. Dale Phillips, Founder of Stellar Residential, who advises on development strategy and lease-up, said most critics “never stepped foot inside,” making the reset all the more overdue.
Kinella Capital acquired the property from Acore Capital after a perfect storm of broader market factors created a temporary pause in its momentum, though the building itself remained structurally exceptional. With Post Road Group providing debt financing, the team now has the capital structure needed to bring the project back to life.
Originally launched in 2018 with a plan for 163 apartments and millions invested, the redevelopment encountered inflation pressures, pandemic delays and contractor disputes that slowed construction at roughly 80 percent completion. Acore Capital ultimately took the property back through a trustee sale — largely a reflection of that challenging market window — before Kinella stepped in to reset the project.
For Stratton, the appeal was obvious.
“When we evaluated One Camelback, we looked past the stalled construction and the history tied to it,” Stratton said. “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.”
He added that the core issue was never the building itself. The design was strong; the capital markets weren’t. Rising interest rates made the final stretch uneconomical for the last owner. “It didn’t need a reinvention. It needed a rescue,” he said.
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,” 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.”
“He’s the guy you call when everybody else walks away,” Phillips added about Stratton and his team. “If a building is too far gone, TK is usually the only one who says, ‘Actually, we can fix this.’”
Key actions taken by Kinella Capital, LLC include:
- Assuming full ownership of the long-stalled project and immediately halting further decline.
- Deploying its builder-operator model to unravel years of permitting, construction and financial complications.
- Taking direct control of all remaining construction and engineering work, ensuring unified oversight and eliminating conflicting consultants.
- Restoring operational and financial stability to one of Uptown Phoenix’s most visible and strategically located corners.
- Leveraging integrated KB-1 contracting and A-1 engineering capabilities to correct outstanding issues, resolve technical challenges and accelerate the final phases of the build.
- Repositioning One Camelback as a leading case study in how distressed adaptive-reuse towers can be successfully rescued, reset and completed.
That alignment allowed a period of construction forensics — a room-by-room assessment of electrical, mechanical and structural systems. By eliminating scope creep, settling design questions and finalizing the amenity program, Kinella charted a realistic path forward.
Key Players Behind the One Camelback Revival:
- Acore Capital – Current owner and seller of One Camelback after a perfect storm of market conditions paused the prior redevelopment.
- Post Road Group – Acquisition lender providing the debt financing for Kinella Capital.
- Cushman & Wakefield (Acquisition Advisors) – Steve Nicoluzakis and David Fogler negotiated and facilitated the sale on behalf of Kinella Capital.
- Cushman & Wakefield Capital Markets (Debt Advisors) – David Karson, Mitch Rothstein and Megan Schmitt structured and secured the project’s debt financing.
- Stellar Residential – Led by Dale Phillips, serving as property manager and strategic advisor; previously involved with the development under the former owner.
- City of Phoenix Building Department – Working closely with Kinella to reinstate permits and streamline approvals needed to complete the project.
Reimagining the Resident Experience
The refreshed vision leans into everything the site already offered: walkability, transit access, restaurants, retail and views. Plans include modern finishes, floor-to-ceiling glass, a rooftop pool, wellness and fitness amenities, secured parking and technology-forward conveniences. Stratton said Kinella’s experience restoring hundreds of properties helped bring clarity to a once-drifting project.
The building’s bones were always exceptional — large floorplates, sweeping views, dramatic glass — they simply needed a team with the discipline to finish what was already working. For Uptown Phoenix, the acquisition ends years of speculation around a partially finished landmark. Its completion will add high-quality housing in a submarket where demand remains strong.
“One Camelback isn’t just another building,” Phillips said. “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. The amenities, finishes and walkability line up exactly with what renters want.”
He added that the rooftop pool, wellness spaces and skyline views will set the tower apart. “Uptown renters want convenience, sophistication and a sense of place. This building hits all three.”
Stratton said One Camelback will influence Kinella’s future direction. “We plan to take on more adaptive reuse projects. When executed with discipline, office-to-residential conversions create value for investors and stability for communities. The builder-operator model isn’t optional anymore.”
On a personal note, he said the project embodies the firm’s ethos. “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.”
He added that the timing is right. “Phoenix is full of opportunity. With the right team and structure, stalled or distressed projects can become some of the best deals in the market.”
Kinella will now finalize schedules, complete remaining work and prepare the tower for phased occupancy. Stratton and Phillips expect visible progress over the next 12 months.
