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How new owners plan to take an Arizona office conversion to the finish line

Kinella Capital converting outdated building into 163 luxury apartments
A conceptual rendering of One Camelback — an office-to-residential, adaptive reuse project in Phoenix. The building sold to an Arizona real estate firm to finish the long-awaited project. (Kinella Capital)
A conceptual rendering of One Camelback — an office-to-residential, adaptive reuse project in Phoenix. The building sold to an Arizona real estate firm to finish the long-awaited project. (Kinella Capital)
By Ron Davis
CoStar News
December 31, 2025 | 7:12 P.M.

A long-planned office-to-residential conversion project is getting a second shot at becoming a reality thanks to a new owner and better financing conditions.

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News | How new owners plan to take an Arizona office conversion to the finish line