Downtown project developers assured a Chamber of Commerce committee of their financial commitment to invest $120 million-plus over the next four years in creating Park Place.

The plan would construct a 111-bed assisted living facility next to Lexington Suites and build apartments over retail and commercial space along the Avenue of the Fountains, Verde River Drive and Saguaro Boulevard.

Bart Shea of Shea Connelly Development, LLC, Jay (Corky) Northrop, chief operations officer, N-Shea Group, and Brad Ahrens, chief investment officer, updated the Chamber’s public policy committee at a May 28 meeting.

Although a couple of items -- rezoning and development permits -- await approval by the Planning and Zoning Commission and Town Council later this month, financing is completed, said Shea.

”We are financed. We are good to go,” said Shea, a 30-year area resident.

“No one has come close to this before,” said Shea, referring to previous proposals that could not secure financing to develop the 13-acre downtown plot.

The assisted living facility to be built on 3.3 acres at Paul Nordin Parkway and Verde River Drive will create between 70 and 75 jobs, said Ahrens.

Morningstar, a Colorado company, will build and manage the project. The firm currently has 12 similar developments under construction. It will be the third ground-up project in Arizona.

The two-story building will feature 15,000 square feet of common open space, courtyards, secure memory/Alzheimer care unit, chapel, restaurant and beauty salon.

“It will be perfect for the lot,” said Shea, because of the low impact on schools, fire and police.

Once the zoning entitlements are completed, Shea said he hopes to begin construction this summer.

“Our goal would be to get up and running with the construction to be in the ground July 1,” he said.

Anticipated pricing ranges from $4,200 a month for a studio apartment to $6,800 for memory care, said Ahrens.

Construction of 400 residential apartments and 50,000 square feet of retail space could attract occupants earning medium-wages, said Shea.

Typically they would be individuals who currently live in Mesa or elsewhere and commute to Fountain Hills to work.

Attracting apartment tenants would sustain the retail component of the project, said Shea. The town has a shortage of apartment rentals, he said.

Construction for this portion of the project would be in the fourth quarter of 2015. The remaining retail and housing along Saguaro would be developed in the first and second quarter of 2016.

When asked if the project could be limited to only the assisted living aspect, Shea said, “We could but we’re not going to. “

“Literally you could develop each and every one individually. It’s not what we are committed to nor does the town want that,” said Shea.

“This has been a very tough lift but I think we’re there.”