Page Template as Custom Post Type Archive

My goal is to have the slug http://ift.tt/1FRtmG4 used by a Page Template rather than an Archive Page, and have single CPT posts as children of that slug, such as http://ift.tt/1EJCcE8.

Solution I thought would work:

I created a new Page in Wordpress and gave it a custom page template. I'm also registering my custom post type as follows. Pay special attention to has_archive and rewrite:

function bb_resources() {
    register_post_type( 'resources', array(
            'labels' => array(
                    'name' => 'Resources',
                    'singular_name' => 'Resource',
            ),
            'taxonomies' => array('resources_cat'),
            'public' => true,
            'has_archive' => false,
            'show_ui' => true,
            'supports' => array( 'title', 'editor' ),
            'rewrite' => array('slug'=>'resources', 'with_front'=>false),
    ) );
}

This, however, creates a 404 on the single post pages.

I'm stumped, please advise!