The Parque developers formulate next Scottsdale mixed-use project

The Parque, which was behind the redevelopment of the CrackerJax amusement park, is planning a five-acre infill project in Old Town Scottsdale.

BY JORGE RAMOS/PHOENIX BUSINESS JOURNAL

Jun 27, 2025, 5:11 PM

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The Valley developer behind the redevelopment of the CrackerJax amusement park is planning a five-acre infill project in Old Town Scottsdale.

The Scottsdale mixed-use project is called 5th & Goldwater and will feature a five-story multifamily residential building with 232 units and approximately 32,000 square feet of ground level retail, according to Scottsdale city documents.

The developer behind the project is Scottsdale-based FalconEye Ventures. It’s founder and CrowdStrike CEO Gorge Kurtz, along with known business partner David Megdal, are also working together on a billion dollar mixed-use project in Scottsdale called The Parque, at the former CrackerJax site. FalconEye Ventures submitted site plans for the first phase of that sprawling 30-acre project back in March.

An entity tied to Megdal — dubbed Old Town Waterfront LLC — purchased the four parcels needed for the 5th and Goldwater project for $36 million on June 14 from New York-based firm Pan Am Equities, according to Maricopa County documents.

A nearly 5,000-square-foot freestanding restaurant, a three-story motel, three retail buildings and a trio of two-story office buildings located on the site were demolished a few months ago. Construction is expected to begin once permits are secured, said Susan Smith, a FalconEye Ventures spokesperson for the project.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.