\u201cThese developers bought it for a good number, the market was going well, everything looked in line and they started going through the construction process,\u201d Stratton said. \u201cAnd during the time, we all know what happened with COVID and everything else. It just really hurt a lot of people in the construction industry. \u2026 A lot of people didn\u2019t get paid and everything that went on with that.\u201d<\/p>\n
Stratton noted that the previous developers also had to go through the arduous process of converting the building from office space to residential space.\u00a0<\/p>\n
\u201cThat\u2019s a lot of paperwork,\u201d Stratton explained. \u201cIt\u2019s a lot of attorneys involved to make that happen through the city. Then you have to come up with a floor plan that would work to do the conversion.\u201d<\/p>\n
What is left to do at the One Camelback development?<\/p>\n
According to the CEO, a lot of work had already been done on the building when Kinella Capital took it over, including stripping the building down to its skeleton and putting in new glass, electrical, mechanical, plumbing and walls.<\/p>\n
Although no one ever got to see inside due to the building not being far enough along to have a certificate of occupancy, Stratton praised the work the previous developers did.<\/p>\n
\u201cIt is top-level finishes, \u2026 top-level glass \u2026 (and) everything is gorgeous,\u201d Stratton said. \u201cThey had some pictures and renderings which were all great, but gosh, you go in there and it\u2019s just beautiful. And so, I\u2019m really excited about the project.\u201d<\/p>\n
Stratton added that the city of Phoenix has been a good partner in helping to get the project finished, assigning a team lead as well as others to help streamline the process along.<\/p>\n
As far as what is left to be done at One Camelback, Stratton listed the fitness center, clubhouse, atrium, seating area and parking as still needing to be completed.<\/p>\n
\u201cSo a lot of these amenities that will be really nice for people to live there because the type of finishes that are in this building \u2026 that\u2019s the type of tenant you\u2019re going to want,\u201d Stratton said. \u201cTo compete in multi-family anymore, a lot of these amenities are really nice in these properties and it just makes sense for people to rent because where do you get a $2 or $3 million pool in your backyard?\u201d<\/p>\n
According to Stratton, One Camelback will consist of 163 apartments and have around 11,000 square feet of retail space at the bottom. He added that the rent for the apartment development has yet to be determined.<\/p>\n
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