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George Kurtz, the billionaire founder and CEO of cybersecurity firm CrowdStrike (NASDAQ:CRWD), is moving forward with an ambitious $1 billion plan to build a 30-acre development featuring 1,200 homes and a hotel-office complex in North Scottsdale, Arizona.
The project will be constructed on the site of a former amusement park, CrackerJax, north of Scottsdale Airport, the Phoenix Business Journal reported.
The Parque will include a 223-room hotel, a 150,000-square-foot office building, 40,000 square feet of restaurants and retail, and 1,236 homes. Kurtz purchased the property in 2022 for $55 million and the Promenade Shopping Center across the street for $180 million.
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The city approved the development in 2023, and the first phase will include an 89-unit apartment building and a 70-unit condominium. They will sit above ground-floor retail tenants comprising four restaurants and shops around a 1.7-acre park. Texas-based Nelsen Partners designed the project.
According to Forbes, Kurtz is worth $7 billion. He founded CrowdStrike with Dmitri Alperovitch in 2011. Alperovitch has since left the business, and Kurtz owns 5% of the company.
CrowdStrike recorded $2.24 billion in revenue in 2023. Before CrowdStrike, Kurtz worked at Price Waterhouse and Ernst & Young, where he developed a number of penetration testing and internet security protocols. He started security tech firm Foundstone in 1999, which was bought by McAfee (NASDAQ:MCFE) in 2004 for $86 million.
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In 2019, CrowdStrike went public with an initial public offering on the Nasdaq of $612 million, valued at $6.6 billion. CrowdStrike’s largest failure to date came last year when a software malfunction shut down 8.5 million devices. Airlines canceled thousands of flights, and hospitals postponed procedures. Kurtz was called to testify before Congress about the outage, but Adam Meyers, a senior vice president and CrowdStrike, was sent in his place, angering some lawmakers.
