The Residences at Camelback are about to go vertical on the Southwest corner of 44th Street and Camelback. The apartment complex will be 4 stories tall and house 312 apartment units according to the approved site plan. There will most likely be a mix of 1, 2, and 3 bedroom floor plans. Based on other rental rates for luxury apartments in the area, The Residences at Camelback will be priced between $1300 and $3,000 per month depending on the floor plan. The building is slated to be finished in February of 2015, but I don’t think that will be the case. I’m estimating the opening to be in the Summer or Fall of 2015.
The builder of this project is JLB Partners out of Dallas, Texas. JLB is known nationally for its Class A multi-family projects. They purchased this 9.23 acre parcel from the Parkway Bank & Trust after the previous owner defaulted on their loan. It was originally planned for mix use with a hotel, office space, and multi-family residential buildings. JLB downzoned the parcel for multi-famil, making the way for this project. JLB is planning on spending about $50 million total on this project including the estimated $12 million land acquisition cost. From the look of other JLB projects, the building will be easy on the eyes and the surrounding landscaping that their approved plan calls for will spruce up the dated intersection.
Outside of the new Domus building in Arcadia Lite, the Residences at Camelback will be the first apartment building to ever come this close to the Arcadia neighborhood. In my opinion, this new community is something to get excited about. It will bring a lot of life to an intersection that deserves more. With the opening of Chestnut Fine Foods and Provisions on one corner and FlowerChild on the other, this will give Arcadia a nice hip, urban ambiance where you can walk to do it all. While the Residences at Camelback may bring a little more traffic to the area, I think that the positives definitely outweigh the negatives on this one.
To see a rendering of The Residences at Camelback on JLB’s website click here.