Scottsdale, AZ

A Billionaire in Scottsdale Gets Clearance This Week to Move Forward with "The Parque"

Mark Hake

He Wants It to Be a Software Enclave Alternative to Silicon Valley

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The Parque project - Scottsdale RoadPhoto byScottsdale Government

Billionaire Bill Kurtz will likely get Scottsdale City Council approval this week to move forward with his new mixed-use hotel/office building/apartments/condo space development. It is located where the old CrackerJax Golf space is off Scottsdale Road (16001 N. Scottsdale Road).

As item number 15 on the Council's Monday, Nov. 13 meeting agenda, the Council is set to approve Ordinance No. 4612, "The Parque Rezoning."

"Adopt Ordinance No. 4612 approving a zoning district map amendment from General Commercial (C-4) to Planned Airpark Core Development – Airpark Mixed Use Residential, Planned Shared Development Overlay (PCP-AMU-R PSD) including a development plan with bonus development standards for building height and floor area ratio to allow a mixed-use development with approximately 1,236 dwelling units (now 1,182 dwelling units*), 223 hotel keys (now a minimum of 140 hotel keys; for a combined maximum number of dwelling units and/or hotel units not to exceed 1,322*), and 253,000 square feet of commercial floor area on a ±32.29 gross acre site."

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Bill Kurtz - President/CEO of CrowdStrike HoldingsPhoto byCrowdStrike Holdings

Billionaire Kurtz's Vision

Bill Kurtz is the co-founder and President/CEO of CrowdStrike Holdings (NASDAQ: CRWD). The Austin-based cybersecurity company has a $46.88 billion market capitalization and trades for $196.31 per share as of Nov. 10, 2023.

Based on a May 2023 SEC filing, Mr. Kurtz has 3.937 million Class A (CRWD) shares and 7.11 million Class B shares (which are supervoting, but can convert into Class A shares), for a total of over 11 million shares. At today's price that makes them worth $2.169 billion.

So, he has plenty of money to finance this new 32-acre development. He could easily afford to finance it outside of selling his equity in CRWD shares. He purchased the land for $55 million in April 2023 from the Herberger family.

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Overhead view of The Parque projectPhoto byAZ Digital Free Press

site

The Scottsdale government has a site that shows pictures of the planned development.

This shows that it is just north of the Scottsdale Quarter.

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Located just north of Scottsdale QuarterPhoto byScottsdale Government

The complex will include a 5-star hotel, hotel-branded condominiums, multifamily residences, a park, retail and office buildings and spaces, as well as parking facilities.

According to Kurtz, “It is a perfect model to me: to infuse technology and sustainability,” he said of the forthcoming development coined, “The Parque.”

He envisions this as a place "taking Scottsdale to the next level in the tech sector.”

So far there is no public information on the projected cost of the project. The developers have kept this close to the chest.

However, a memorandum from the Scottsdale City Attorney to the City Counsel dated Nov. 8 may have this information. So far that has not been made public. It's possible that this memorandum may be released to the public during the Nov. 13 Scottsdale City Council meeting.

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Mark R. Hake, CFA, writes articles on national and local news, stocks, and market events at Kiplinger.com, Barchart.com, Medium.com, and Newsbreak.com as well as TalkMarkets.




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Mark Hake is a financial analyst, investor, and Chartered Financial Analyst (CFA). He writes about US and foreign stocks and wealth, financial, and economic issues. He previously ran his own hedge fund and investment research firm and is presently Chief Strategy Officer for Foldstar Inc. and AnaChart.com.

Phoenix, AZ
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