5th & Goldwater

A fresh wave of development is racing into Old Town Scottsdale. FalconEye Ventures is bringing a bold mixed-use concept right into the heart of The Valley. Big names. Big plans. And a hefty price tag to match. As of the announcement, it wasn’t clear if the 232 units would be for-sale condos or rental apartments.

Developers Seize Rare Old Town Opportunity

Assembling land in Old Town isn’t easy. Parcels are chopped up, owners scattered, and deals take years. But FalconEye Ventures pulled it off. The five-acre site at 5th & Goldwater gives them a blank canvas in a dense, desirable part of Scottsdale.

• $36 million paid for four parcels
• Land bought by Old Town Waterfront LLC
• Former owners: New York-based Pan Am Equities
• Site cleared of aging buildings
• Demolished structures included motel, offices, retail, and a restaurant

That kind of land assembly simply doesn’t happen often in this part of The Valley. The bulldozers already rolled. Now it’s just permits standing between FalconEye and the start of construction.

What 5th & Goldwater Will Deliver

The project isn’t small. But it’s smart. It brings density while keeping Old Town’s pedestrian charm intact.

• 232 residential units
• Five-story multifamily building
• 32,000 square feet of retail
• 8,500 square feet set aside for restaurants
• Larger 6,000-square-foot restaurant along Goldwater Boulevard
• Smaller 2,500-square-foot freestanding restaurant near 5th Avenue

Architect Nelsen Partners shaped the design. General contractor Wood Partners will build it. The plans lean into street-level life. Residential stoops and patios will activate sidewalks. Wide walkways create a plaza-like feel.

The Team Behind The Deal

The names behind this project bring serious firepower. FalconEye Ventures isn’t new to The Valley scene.

• Led by Gorge Kurtz (CrowdStrike CEO)
• Partnered with David Megdal
• Also developing The Parque at former CrackerJax site
• Western Retail Advisors handling retail leasing

These same players are already reshaping another part of Scottsdale. Their billion-dollar project at The Parque has generated plenty of buzz. 5th & Goldwater adds to their growing local footprint.

High-End Retail Tenants In The Works

Leasing efforts are still early. But Western Retail Advisors expects the retail lineup to match the area’s profile.

• Targeting high-end, upscale concepts
• Full-service sit-down restaurant planned
• Smaller space ideal for boutique dining
• Patio dining opportunities built into site design

With Old Town’s tourist pull, the Arizona Canal nearby, and a walkable layout, these restaurant spaces could turn into prime addresses fast.

Strategic Location Along The Canal

Location matters. And this one hits the mark.

• Northwest corner of Goldwater Boulevard and 5th Avenue
• Between Old Town Scottsdale and the Arizona Canal
• Walkways focused along west property line
• Direct access to pedestrian-heavy zones

The plan creates an active street edge while pulling in traffic from both tourists and locals. It keeps Old Town’s intimate vibe, but adds density that supports more businesses.

The Valley Keeps Building Big

FalconEye Ventures keeps making bold moves. The 5th & Goldwater project may feel small next to their 30-acre CrackerJax redevelopment. But for Old Town, this scale is substantial.

Once construction kicks off, another pocket of Scottsdale will transform. This part of The Valley keeps proving that there’s always room for the next big thing.