First look: Luxury condos planned for north Scottsdale 60% pre-sold ahead of groundbreaking – The Business Journals

As it gets ready to break ground in early 2023, more than half the spaces at a north Scottsdale luxury condominium complex have already sold.
The Portico by Chicago-based Belgravia Group Ltd. looks to play a key role in the One Scottsdale mixed-use development. The condominium developer said that about 60% of the 112 units that will be built early next year and delivered in 2024 have secured commitments.
“Whatever it is, I wish I could bottle it up and do it over again every year,” said Jonathan McCulloch, Belgravia Group’s CEO, when asked about the early commitments.
Located just north of Loop 101 on Scottsdale Road, the One Scottsdale development is a planned 75-acre mixed-use project by Scottsdale real estate developer DMB Associates Inc. The large project includes a Hilton Home2Suites hotel that is set to open this year, and 10,700-square-foot retail development that is expected to open in 2023. A plastic surgery center, a 100,000-square-foot medical office building and more retail also are planned. South of Legacy Boulevard is another 54 acres that will feature a 200,000-square-foot mixed-use village, including apartments, a senior living project, restaurants and more office space.
Click through the gallery below to see renderings of the luxury condos coming to One Scottsdale.
McCulloch said the firm tracks the origin of visits to its website, and for an Illinois project, 80-85% of the visits are coming from Illinois. For Portico North Scottsdale, the bulk is coming from Arizona, but only 40-45% as people California, Washington, Illinois and even Canada are inquiring about the condos, McCulloch said.
“I think the Phoenix-Scottsdale market has a lot of strength,” McCulloch said. “There are so many eyeballs looking at Scottsdale real estate from all over. Most of our reservations to date have been Arizona based. I think that’s been somewhat seasonal. As we get into October and the winter, maybe some of those people looking from afar will be coming into town or returning to town. That should only continue to solidify the demand we’re seeing.”
After building exclusively in Illinois for the company’s first 75 years in existence, Belgravia Group is debuting in the Grand Canyon State with the $100 million community. The 112 condos are spread across nine buildings in two, three and four-bedroom units. Prices range between $800,000 and $1.9 million, and amenities of the community include an outdoor pool, upscale clubhouse and a fitness center. 
“Our sales pace has more than surpassed our expectations. Now, we look forward to delivering the same seamless homebuying process, quality and white glove service that is at the core of what Belgravia Group does best,” said Elizabeth Brooks, executive vice president of sales and marketing at Belgravia Group, in a statement.
The developer is working with Waltz Construction and KTGY as Portico North Scottsdale’s respective general contractor and architect. The developer tasked Phoenix-based Cambridge Properties as the brokerage spearheading the sales efforts.
“We continue to be astounded by real estate sales numbers in north Scottsdale, and we’re especially proud of the way Portico has sold in this community,” said Keith Mishkin, Cambridge Properties president and CEO, in a statement. “We truly believe this is a condo community unlike any other in the Valley, delivering on all essentials for the north Scottsdale lifestyle — proximity to the Valley’s best dining and entertainment, easy access to freeways and a luxury living experience combined with the north Valley’s laidback vibe.”
Belgravia Group will be filing its building permit application with the city of Scottsdale in the coming weeks. The group will also file its public report in the next four-to-six weeks, which McCulloch said will allow the firm to move the reservation commitments of the 112 spaces into sales contracts.
While nothing has been finalized for future condominiums, McCulloch said Belgravia Group is exploring other possibilities in Scottsdale and throughout the Valley. He said Belgravia Group hopes to have something new and available next year. Those projects would be along the lines of a luxury condominium that could be as small as 50 to 60 units and up to 200 units.
Click through the gallery below for renderings from One Scottsdale
Join the Phoenix Business Journal and Pacific Premier Bank for our fourth Annual Small Business Awards! These awards recognize excellence among entrepreneurs and small businesses in Phoenix.
© 2023 American City Business Journals. All rights reserved. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated January 24, 2023) and Privacy Policy (updated January 24, 2023). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of American City Business Journals.

source