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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.

$7 Billion Net Worth

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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Massive Software Failure

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.

Racing Career

Aside from real estate, Kurtz is also a race car driver, competing in multiple racing series for CrowdStrike Racing for over 15 years. He won the GT World Challenge Team and Drivers’ Championship title in 2023 and secured wins in his classes at the 24 Hours of Le Mans, the Indianapolis 8 Hour, the 4 Hours of Sepang, and Petit Le Mans.   

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This article Tech Billionaire And Real Estate Developer George Kurtz, Plans To Build 1,200 New Homes And New Village In Scottsdale, Arizona originally appeared on Benzinga.com