Construction could begin later this spring on a project in Scottsdale that will see the building of 112 luxury condos over a spread of 9 five-story buildings.
What is being called Portico is being developed by the Chicago-based Belgravia Group, which has spearheaded any number of luxury residential projects in the Windy City and was last year named “developer of the year” by Chicago Agent Magazine.
The project will go up on the north side of Scottsdale at the intersection of Loop 101 and Scottsdale Road, and will include a clubhouse, fitness center, and outdoor swimming pool.
Like other Belgravia projects, the Scottsdale development will additionally feature retail, office, and even hotel space.
Prices for residential units ranging between one bedroom and four bedrooms are expected to start at around $650,000 and top out at $1.6 million.
Officials with Belgravia, which has always mined a luxury residential market in Chicago, now foresee a similar market emerging in Scottsdale. Jonathan McCulloch, chief executive officer of the company, recently told the Scottsdale Progress newspaper that the growing Arizona city allows for the “type of product we want to build, which is a high-end luxury product without shooting for the very top of the market.”
That new market is animated by an average Scottsdale home price that is now at around $730,000, and growth seeing the city adding 100,000 people in the last two decades for a current population of more than 241,000 people.
By Garry Boulard
