Posted Mar 4, 2020, 5:07 PM
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Join Date: Jan 2010
Posts: 6,902
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Nice little media blitz for One Camelback so I guess we will see this one get moving again soon.
Also some news about the vacant lot to the south: https://www.bizjournals.com/phoenix/news...-apartments-coming-to-camelback-and.html
Quote:
It’s been about five years since the office tenants started moving out of an 11-story building on the southeast corner of Central Avenue and Camelback Road. In just over a year, tenants are expected to start moving in to luxury apartments.
During the past 18 months, passersby have noticed the uniquely-shaped BMO Harris bank tower, called One Camelback, being gutted. All the glass and concrete panels were removed from the building's exterior and nothing but an elevator was left inside.
Now a blank canvas, the building's new owners and development team are ready to turn the structure into some of the highest-priced apartments in the Valley.
Originally P.B. Bell Cos. was brought on to develop the apartments in 2015, but things didn’t go as planned. In 2018, the building was sold to its current owners – a group of six buyers including Scottsdale-based investment firm Sagamore Capital LLC – for $14 million.
Charles Dubroff, principal of Sagamore, told the Business Journal he’s been approached about being part of a number of projects, but he wanted to do something he believed was “iconic,” which was behind his involvement with One Camelback.
“The views are absolutely spectacular,” Dubroff said. “I wasn’t scared off about making a significant change, rather than just doing something cosmetic. My goal was to develop something that was special.”
Sagamore brought on Stellar Residential to manage the property. Project financing was arranged by Walker Dunlop and provided by Los Angeles-based Acore Capital LLC. Dubroff declined to say how much the entire project will cost, but in February 2020 Acore provided a mortgage of $56.3 million for the building, according to real estate database Reonomy.
Katerra is the general contractor and prime supplier for the One Camelback project. Construction is expected to be done in the first half of 2021.
The 215,245-square-foot-building will be turned into 163 luxury apartments. Plans call for 16 different floor plans with units ranging from studios to three bedrooms. The project was designed by Erwin Architecture.
Dale Phillips, president and founder of Stellar Residential, told the Business Journal rents would be about $3 per square foot, with its penthouses on floors 10 and 11 going for about $10,0000 a month. That is well above the Valley’s average apartment rent prices.
“We’ll be pushing the ceiling of Phoenix’s rents,” Phillips said.
To charge that much, Phillips knows the units have to offer a lot. Each apartment will have exposed ceilings and floor-to-ceiling windows offering views of Camelback Mountain, downtown Phoenix and South Mountain or of the Valley’s noteworthy sunsets.
Other amenities will include a high-end fitness center, lounge-style clubhouse and a rooftop endless pool with cabanas and a spa. Each unit will have Cox Communications’ 1-Gigabit internet speed included in the rent.
Phillips said he is playing with the idea of having a move-in butler, who would facilitate every part of moving in for the building’s new tenants.
Before the design process, Stellar surveyed people who the company believed would move into such a place asking what was important to them and what would help them decide to move, Phillips said.
Phillips, who has worked in apartments for more than two decades, said his goal is to make something sophisticated and tenant-orientated.
“I’ll have to drive past this every day once its done. I need it to be perfect,” Phillips said. “I don’t want to drive by and think I didn’t put in enough time, effort or thought.”
Vacant land next door
Through the entire demolition process, BMO Harris has kept open its bank branch in One Camelback. The bank plans to keep a presence there, but will be undergoing a multimillion-dollar renovation of its space.
Besides the bank, there will be 7,000 square feet of retail space. Phoenix Commercial Advisors is the broker for the space. Dubroff said they want two or three new-to-market restaurants and retailers for the building’s ground floor.
Months following the acquisition of One Camelback in 2018, the ownership group purchased 1.26 acres of vacant land just south of building for $5.75 million.
Dubroff said his group has been approached by three different senior living communities as well as some multifamily developers about the space. He said his group is still deciding what to do there.
“The senior living people think this is an excellent location,” he said. “If we go multifamily, we’ve decided to make our decision a little later so it can gain value from what we are doing at One Camelback – so it can feed off the success of the other.”
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Akara Kinect is the only one I can think of with one. Any others?
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