The town’s population should increase by about 500 full-time residents in the first phase of Park Place, contractor/developer Bart Shea told Chamber of Commerce members.

Construction of two buildings in progress will have commercial space on the ground level and 230 apartments on the higher floors.

“Four years ago I came to Fountain Hills to build something. Thirty years ago I came to Fountain Hills, got married and raised a family…Fountain Hills has been my home,” said Shea, explaining his determination to create a downtown.

Shea, of Shea-Connelly Development Group, spoke at the Chamber’s March 16 breakfast meeting at Eagle Mountain Golf Club.

The one- to three-bedroom apartments will range from 750 square feet to 1,400 square feet. Monthly rents will be “affordably priced compared to what’s currently available in town.” He mentioned a cost of $1.25 per square foot.

Alliance Residential LLC will handle apartment leasing.

Shea said he was challenged to include retail units in the initial phase to make the project profitable and sustainable. The retail units will “generate income, tax revenue and sustainable living for the people who live there.”

“If we put 500 people downtown in the first phase, and they are going to be there 12 months out of the year…it helps us sustain what’s there and may bring in another 1,000 in traffic and visitors.”

Who are likely occupants of the first 230 apartments? Couples wanting to downsize from family-size homes, middle managers employed in town and younger people who grew up in Fountain Hills but moved away to work in Scottsdale and other nearby communities.

Construction should be completed in seven months and tenants will move in, said Shea.

Each building will have a swimming pool, spa, community social room with a kitchen and a two-story workout room with 32 pieces of fitness equipment.

Apartments will have parking spaces based on the number of bedrooms. As an example, a two-bedroom unit would be allocated two parking spaces. Storage space also will be available for renting.

In reply to a question from a Chamber member, apartments will be pet-friendly but will have a weight limit restricting dogs to no more than 120 pounds.

The 35,000 square feet of commercial space tenants will be “an eclectic bash” from chiropractors to restaurants, said Shea. A small business women’s apparel shop and an Irish-pub concept bar have expressed interest.

Shea expressed interest in attracting more local business and fewer franchise operations. Retail space will range from 1,000 square feet to “whatever.” Retail pricing will be about $15 per square foot.

Shea said he became involved in the downtown project six years ago when he decided to build an assisted living facility. Town staff wanted to know what else would be built on the prime three acres.

“I generated what I believe in and gambled nearly $60 million of my money and a lot of other people’s money. It will be a long-live sustaining product for our town,” said Shea. “I know it doesn’t match everyone’s vision. This is the one that I could get financed and built.”

The second phase will consist of 8,000 square feet of retail and condominiums above them.

Phase 3 will include 104 rental apartments behind the library and no retail units.

Mayor Linda Kavanagh complimented Shea for generating energy and excitement for other developers to build here. She cited two other projects, the proposed CopperWynd hotel expansion and conference center and construction of Copper Ridge, a health care facility.

“You have shown people that, ‘yes, you can build in Fountain Hills. They are nice to you’...Thank you for having faith in Fountain Hills,” said Kavanagh.

Former Mayor Jerry Miles and founder of the town’s public arts collection asked Shea the amount that he has contributed to the fund.

Under a town policy, developers pay one percent of construction costs to fund public art at commercial and multi-residential buildings.

Shea said he gave $112,000 for MorningStar and will donate $250,000 for the first Park Place phase. The total project, including a proposed art park in the third stage, will probably total $1.5 million, said Shea.

“My point is that thanks to Bart and others, we’re going to have the finest public art collection in the entire Southwest,” said Miles.