By Angela Gonzales | Phoenix Business Journal
Chicago-based Belgravia Group Ltd. is making its Phoenix debut with a $100 million condominium community in north Scottsdale.
Plans call for building Portico – North Scottsdale, which will feature 112 luxury condominiums within DMB Associate’s One Scottsdale development, a mixed-use project that will include up to 2.8 million square-foot of retail and office space, 2,000 residential units and 400 hotel rooms upon completion.
David Goldman, CEO of Belgravia Group, told the Business Journal that the project has been submitted to the city of Scottsdale Design Review Board for approval. He said he hopes to start construction during the fourth quarter this year on the property northeast of Scottsdale Road and Loop 101.
Goldman is planning nine separate structures on a 5.4-acre parcel featuring units ranging from nearly 1,200 square feet for 1-bedroom units to nearly 2,800 square feet for four-bedroom units.
Homes will be priced from $540,000 to $1.42 million, Goldman said. Each home will feature up to 540 square feet of additional outdoor living area, offering an indoor/outdoor experience, he said.
Some buildings will have as few as eight units while the largest would have 26 units, with all structures no taller than five stories.
Each building will have its own underground parking garage with a private elevator to take tenants up to the units.
With views of the McDowell Mountains, the property will include a resort-style pool and entertaining area, outdoor kitchen, fitness center, clubhouse and parks within the development, Goldman said.
Jim Daniel, president of RL Brown Housing Reports, said he counts 29 active attached condos in the Scottsdale area that had a permit pulled or a recorded closing within the past 12 months.
And Crel Vogel, who oversees Phoenix operations for Polaris Pacific, said the Scottsdale condominium market is experiencing minimal inventory and high demand.
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