Somebody forgot to tell award-winning Chicago developer Belgravia Group about the market slowdown.

Despite launching earlier this year in a quickly changing market, the builder said Portico – its first-ever Phoenix metro community – is already 60% sold and ready to be built early next year. The North Scottsdale building will have 112 units spread across nine low-rise buildings. The community will feature luxury amenities, including an outdoor pool, clubhouse and a state-of-the-art fitness center.

“Portico is our first development in the Phoenix market,” said Elizabeth Brooks, EVP of sales and marketing at Belgravia Group. “Belgravia’s principals have spent several years enjoying Scottsdale in their personal lives, and now our team is excited to bring to Scottsdale the same development expertise and quality that we have delivered in Chicago for over 75 years.”

Located in sought-after North Scottsdale, Portico has quickly become one of the hottest new developments in the area. The initial project was 87% sold just three months after hitting the market, which prompted the developer to release the balance of the development for sale.

Phoenix-based brokerage Cambridge Properties has been spearheading the project’s 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, CEO and president of Cambridge Properties. “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.”

The project is a key piece in DMB’s ‘One Scottsdale’ masterplan development, which is planned to include up to 2.8 million square feet of retail and office space, 2,000 residential units and 400 hotel rooms.

Portico’s remaining two-, three-, and four-bedroom residences range from the $800’s to $1.9 million. To learn more about the community and sign up for the VIP list, visit porticocondos.com

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