Condo developer sees new “luxury corridor” here

North Scottsdale has often been nationally renowned for luxury neighborhoods like Silverleaf and Desert Mountain. 

Now, Chicago-based luxury condominium developer Belgravia Group sees Scottsdale Road and Loop 101 as the city’s new “luxury corridor” due to some of its amenities.

“Kierland has some of the best luxury shopping corners in the broader Scottsdale area and then you look at TPC, Silverleaf and Greyhawk Golf Club – these things are all a stone's throw away from this project,” said Belgravia CEO Jonathan McCulloch.

“With everything already so close, it just makes sense to see this be part of the next incremental growth area in this corridor.” 

The group had been scouting this area for some time. 

“One of my business partners, Alan Lev, the chairman of Belgravia, has been visiting Scottsdale for a couple of decades but it was probably two or two and a half years ago where we started saying ‘we should be looking at other markets,’” McCulloch recalled. 

McCulloch said that Lev raised his hand and recommended Scottsdale as a market to pursue. 

“Lev said ‘Scottsdale is a great place and there are a lot of links between Chicago and Scottsdale and a lot of existing relationships,'” McCulloch said. 

The contrasts between Scottsdale and Chicago posed the most promise for Belgravia Group’s, whose Portico project will include 112 luxury condos on 5 acres in nine five-story buildings on the easternmost corner of the One Scottsdale development.

One Scottsdale will include up to $2.8 million of retail and 2,000 residences upon completion. 

It is also neighboring the $1 billion Optima community being constructed just across the street. 

“When I think of what we look at in Chicago from an urban planning perspective, we look at having a diversity of uses in any given neighborhood,” McCulloch said.

“Scottsdale is a little more spread out, but that's exactly what we would hope to see with office uses and other retail uses in the neighborhoods.” 

McCulloch sees it as the ideal community to build Portico.

“It sets us up 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,” he said. “This made a lot of sense to us for a compelling value-driven luxury experience.” 

Of the 112 condominiums, 33 have been sold on conditional contracts at price points starting at $600,000 for a one-bedroom and up to between $1.6 and $2 million for four-bedroom units. 

Despite the high price tags, Belgravia Group cites employers in the nearby area as a justification to afford the homes. 

“When we think about our product, at this price point, the predominant buyers that we've seen are either an empty nester who's downsizing, who's already in the market or someone living in a second home or people where this is this is a primary residence because of the proximity to complexes like Cavasson and Mayo Clinic,” McCulloch said. 

“We have seen a tremendous response and demand every week and we’re continuing to see a great flow of leads and appointments in our sales center and a great response for those listings,” he added. 

The project is currently in its infancy, hoping to have its building permits approved by the end of the month and McCulloch and his team are targeting a Spring 2025 opening. 

However, once completed, McCulloch reiterated that he believes this development will aid in making the area off of Loop 101 and Scottsdale Road the new “luxury corridor” of Scottsdale.