Belgravia Group’s first Valley project will be Portico – North Scottsdale, a collection of 112 luxury condominium residences.
Here’s why developer sees Phoenix as next land of opportunity
Soon, Belgravia Group will share a home with many more of Chicago’s bests, including Cubs Spring Training, Portillo’s and Lou Malnati’s Pizza.
Our Chicago-based development group chose Phoenix for our very first out-of-market development — Portico, located at the 101 and Scottsdale Road in North Scottsdale. Portico will be a community of luxury condominiums, scheduled to open in 2023 with one-, two-, three- and four-bedroom options ranging from $540,000 to $1.7 million.
Belgravia Group’s chairman, Alan Lev, has frequented the Phoenix area for many years. It was an easy decision for us to expand our 70-plus-year-old firm to one of the fastest-growing metro areas in the country. It was a natural choice for Belgravia. Not only were we wowed by the beauty of Phoenix and the community that lives here, but we were also astounded by the growth potential, the luxury living market, and the number of Chicago transplants in the area.
Boundless Growth Potential
Phoenix is the fifth-largest metro area in the country by population and is growing exponentially day by day, yet there is still plenty of land to develop in the area. We saw this as an asset to our expansion. Many cities in the U.S. have limited growth capacity due to geographical and historical structures, but Phoenix’s wide-open layout makes it readily available to expand and develop luxury housing and unique real estate. Our talented developers are crafting a community with nine buildings that have fantastic views of the numerous mountain ranges in Phoenix and upscale amenities, including a pool, fitness center and clubhouse.
Strong Luxury Demand
As many people move from out of state with high real estate markets, people can get more for their dollar in Scottsdale, making it easier to buy luxury properties near world-class golf, dining and entertainment.
Portico currently has 1,200 prospects waiting for more information about the property even before they have started to take reservations for units. Portico’s brokerage, Cambridge Properties, receives daily requests asking for more details about the luxury condominiums.
A Natural Second Home
From Cubs Spring Training to deep dish Chicago pizza at Lou Malnati’s, Arizona has been a winter home, vacation spot and moving destination for countless Chicago residents over the years. With all of the Chicago connections, who could blame them for trading the windy city for sunshine while still having access to some of their favorite Chi-town staples? Belgravia Group will always call Chicago home, but we are ready to make our mark in Arizona and bring some Chicago living out West.
Jonathan McCulloch is the co-CEO at Chicago’s Belgravia Group, where he’s worked for the last 18 years, and a co-founder of Lakewest Venture Partners and a Venture Partner at Dundee Venture Capital.