The conversion of the 11-story One Camelback tower from an office asset into multifamily is approaching completion, with construction reported to be more than 90% finished. According to The Phoenix Business Journal, the project team is targeting a September opening, positioning the property to bring new residential inventory and activated ground-floor space to the surrounding area.
One Camelback had previously operated as a BMO bank office building before changing hands. Kinella Capital acquired the property for $36 million after the original developer defaulted on the loan, taking control of the glass tower and advancing the office-to-apartment repositioning toward its final stages.
Upon completion, the property will deliver 163 residential units along with a mix of shared amenities. Plans call for a dramatic 150-foot open atrium at the core of the building, which is designed to connect the residential floors and common areas while emphasizing natural light and vertical volume within the former office structure.
The project will also introduce 11,000 square feet of ground-floor retail space, intended to provide on-site services and activation for residents and the broader community. Additional on-site features will include a gym, a co-working lounge and underground parking, supporting both lifestyle and work-from-home needs within the building.
Residential offerings will range in size from approximately 530 to 1,900 square feet, with monthly rents projected between $1,600 and $10,000. This range spans smaller units through larger layouts at the top of the building, aligning with the tower format and the building’s repositioning from traditional single-tenant office use to a multi-tenant residential environment.
On the rooftop, the project will deliver a pool with 360-degree unobstructed views of the surrounding city and Camelback Mountain, along with a spa and multiple lounge options. Planned rooftop amenities include a fire pit, several grills and dedicated seating areas, offering residents an elevated outdoor gathering space that leverages the property’s height and sightlines as a differentiating feature of the redevelopment.
