A central Phoenix tower that has been under construction for nearly seven years to convert a bank to apartments has begun pre-leasing, with units ranging in price from $1,600 to $10,000 per month.
One Camelback was built in 1985 as an office tower for BMO Harris bank but was gutted in 2019 with plans to convert it into apartments. Work on the 11-story tower, on Central Avenue and Camelback Road, stalled, and it sat dormant for years, until Mesa-based Kinella Capital bought it in late 2025.
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When Kinella Capital bought the building, about 150 of the 163 apartments were nearly move-in ready, and much of the amenity space, including the rooftop pool, was nearly complete, TK Stratton, CEO of Kinella Capital, said in April during a tour of the building. The building is expected to be move-in ready by the end of the year.
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. It has about 11,000 square feet of retail space and could have up to six businesses on the ground floor, but no commercial tenants have been announced.
The building has units ranging from studios to three-bedrooms, with the lowest-priced studio renting for about $1,600 per month, to the three-bedroom units asking $10,000. Other units in the development are being offered at a variety of price points, with one-bedroom units starting at $2,200 per month. Units range from 532 to 1,898 square feet.
Dale Phillips, founder of Stellar Residential, was involved in the original conversion attempt and has been working as an adviser to Kinella Capital.
“People have been watching One Camelback from the outside for a long time,” Phillips said in a statement. “Now they finally get to experience it from the inside out. The views, the floor plans, the amenities, and the location all work together in a way that is very rare in this market.”
Reporting by Corina Vanek, Arizona Republic
