FalconEye Ventures, founded by billionaire George Kurtz, wants to redevelop a five-acre parcel in Old Town Scottsdale to turn it into a mixed-use project that will include multifamily units and retail.

The project will feature a five-story multifamily residential building with 232 units and approximately 32,000 square feet of ground-level retail.

The Phoenix Business Journal reports an entity tied to FalconEye bought the land for the project for $36 million earlier this month.

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.

Of the 32,660 square feet of retail space, 8,500 square feet of which will be designated for two separate restaurant spaces: a 6,000-square-foot space on North Goldwater Boulevard and a 2,500-square-foot space near East Fifth Avenue.

Nelsen Partners is the architect, and Wood Partners is the general contractor.