The One Camelback project, initially an office-to-multifamily conversion, faces uncertainty after financial troubles halted construction last summer. Despite this, a recent building permit indicates plans for a coworking space and coffee bar at the property. The project’s ownership changed hands after a trustee sale, with legal representatives managing the property. Contractors have filed liens for unpaid labor and materials, while the property’s redevelopment remains ongoing since early 2020. Surrounding developments include plans for new restaurants and a multifamily unit project, indicating continued growth in the area.
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Frequently asked questions
A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
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