The Phoenix metro area is home to some of Chicago’s greatest exports — Chicago Cubs Spring Training, Portillo’s and Lou Malnati’s Pizzeria, to name a few. Soon, Phoenix will also be home to Belgravia Group’s first out-of-Chicago development — Portico.
It’s a monumental and exciting move for the 70-plus-year-old luxury development firm — and a natural one. Belgravia Group’s chairman, Alan Lev, has spent many years living and working in Scottsdale and Chicago. He fell in love with the community, the desert and the potential to bring Belgravia’s place-making expertise to its residents.
For its first project, Belgravia will develop a luxury condominium community at the heart of DMB’s One Scottsdale masterplan, set to debut in 2023 with one-, two-, three- and four-bedroom residences ranging from $540,000 to more than $1,700,000.
Here’s why Belgravia Group sees Phoenix as the next great area of opportunity.
Limitless Potential
While the Phoenix metro area is the fifth-largest metropolis in the country by population, there is still plenty of land to develop, and Belgravia sees the opportunity for further development that fits the unique character of Scottsdale’s surroundings.
While other major U.S. cities are constrained by geographic barriers and historic structures, Phoenix’s wide-open space makes it an area of great potential. We’re seeing the city come together before our very eyes year after year. This gives developers the opportunity to craft communities truly from scratch, rather than working around previously constructed structures.
That is evident in the design of Portico, which stretches across nine discrete buildings with views of the McDowell Mountains and room for amenities like an outdoor pool, upscale clubhouse and state-of-the-art fitness center.
Luxury Demand
As the demand for housing continues to grow throughout the country, Scottsdale is experiencing strong demand for luxury properties. Many people are moving from out-of-state markets with higher overall real estate selling prices, which allows them to buy more in Phoenix. North Scottsdale’s world-class golf courses, restaurants and entertainment destinations make it a prime market.
Portico has a wait list of more than 1,200 prospects awaiting more information about the property even before Belgravia has started to take reservations for units. Cambridge Properties, the brokerage for this development, continues to receive daily requests from those seeking additional information about Portico.
The Chicago-Phoenix Connection Is Strong
A quick drive around the Phoenix metro area will quickly reveal Chicago connections. From familiar restaurant names to a ubiquitous Cubs apparel, Arizona has been a vacation spot and winter home for Chicago residents for decades. Now more than ever, Chicagoans are moving to the Valley and calling it home.
With all the Chicago staples in place, who could blame them? And, while Chicago is still Belgravia Group’s home, the company is excited to bring its own mark to the Arizona landscape.
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.
Photo courtesy of Belgravia Group
