Here’s why developer sees Phoenix as next land of opportunity

Above: Belgravia Group’s first Valley project will be Portico - North Scottsdale, a collection of 112 luxury condominium residences. Real Estate | 15 Jun |

Soon, Belgravia Group will share a home with many more of Chicagos bests, including Cubs Spring Training, Portillos and Lou Malnatis 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 Groups 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. 


READ ALSO: Here is the Phoenix commercial real estate outlook for 2022


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 Phoenixs 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. Porticos 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 Malnatis, 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 Chicagos Belgravia Group, where hes worked for the last 18 years, and a co-founder of Lakewest Venture Partners and a Venture Partner at Dundee Venture Capital.

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