One Camelback, a future residential structure, is hoping to bring a new upscale residential option through the renovation of an existing building on the southeast corner of Central Avenue and Camelback Road.
The 215,245-square-foot glass-ensconced property will include 163 first-class apartment units with exposed ceilings and 10-foot floor-to-ceiling windows, according to a press release. An affiliate of Sagamore Capital LLC, a Scottsdale-based investment firm, is developing One Camelback
“Arizona hasn’t seen anything quite like One Camelback – we expect this bold development to set a new benchmark for urban elegant living in the Southwest,” said Dale Phillips, president and founder of Stellar Residential, the management company for One Camelback.
“As one of the most ambitious construction transformations ever undertaken in Phoenix, this boutique, Class A development will deliver a vibrant use of residential space, with soaring and dramatic floor-to-ceiling views of Central Phoenix, modern and functional floorplans, upscale amenities and first-class services --- all under one 11-story roof, while aesthetically adding some more glamour and elegance to the Phoenix skyline.”
The future residence will be a one-gigabit community, through Cox Communications, which means all units will have one gigabit internet speeds included in the rent.
A selection of 16 different floorplans will be available, featuring upscale studio, one-, two- and three-bedroom apartments, which Erwin Architecture will design.
Additional residential amenities include a 6,500-square-foot rooftop terrace with a swimming pool, a swim-in place and endless pool for lap swimming or therapy, cabanas and a spa, as well as a yoga lawn deck and a lounge-style clubhouse. Residents will also have access to a secured underground garage with electric car-charging stations.
One Camelback is in negotiations to bring upscale retailers to blend in with the neighborhood’s assortment of restaurants and shops. Within walking distance from gourmet and specialty grocer AJ’s Fine Foods, One Camelback is also in close proximity to Uptown Plaza and light-rail transportation.
The residences and retail spaces will be moments away from the downtown business core, major sporting event arenas and the nightlife scene.
In March 2019, the construction efforts began with a glass-raising event to celebrate the start of the substantial transformation, from mortar and concrete to dramatic windows and high ceilings that will deliver soaring, bird’s eye views of Central Phoenix. The demolition of interior structures throughout the building was completed earlier this month.
Walker & Dunlop is arranging financing and Los Angeles-based ACORE Capital LLC is providing financing for the project. Katerra is acting as general contractor and a prime supplier for the project.
One Camelback is expected to finish in 2021.