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**FalconEye Ventures to Redevelop Five-Acre Site in Old Town Scottsdale**
FalconEye Ventures, led by billionaire George Kurtz, has announced plans to redevelop a five-acre parcel in Old Town Scottsdale into a mixed-use development featuring multifamily residential units and ground-level retail.
The proposed project will include a five-story residential building comprising 232 units and approximately 32,000 square feet of retail space at street level. The site was acquired earlier this month for $36 million by an entity affiliated with FalconEye Ventures.
Previously, the site housed a nearly 5,000-square-foot freestanding restaurant, a three-story motel, three retail buildings, and three two-story office buildings. All existing structures were recently demolished to make way for the new development. Construction is anticipated to begin once building permits are obtained.
The retail component includes 8,500 square feet dedicated to two restaurant spaces: a 6,000-square-foot space located on North Goldwater Boulevard and a 2,500-square-foot location near East Fifth Avenue.
Nelsen Partners has been selected as the project architect, while Wood Partners will serve as the general contractor.
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