Mainstreet’s 7-Property Senior Housing Pipeline Underway for 2014

Mainstreet project —Evergreen Place in Indianapolis at Georgetown & 56th Street

Mainstreet Property Group has seven senior healthcare properties slated to open in 2014 with an estimated economic impact of $850 million.

The developer specializes in hotel-like rehabilitation and therapy properties that have both short-term skilled nursing and assisted living components. Mainstreet communities include an in-house movie theater, fireplaces, a salon/spa, fitness center, game room, art and music classes, and walking trails and a fire pit outdoors.

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The 2014 pipeline includes 702 beds—210 of which are assisted living, with the remainder skilled nursing—in seven projects across Indiana: Lafayette, Terre Haute, South Bend, Kokomo, and Indianapolis. The developer is planning several more projects for next year in cities including Carmel, Dyer, Bloomington, and Crown Point.

“With millions of Americans aging into retirement and beyond over the next 20 years (the oldest ‘Boomers’ turn 67 this year), there’s significant opportunity for those who can bring innovation to the tired, existing models of health care,” said Zeke Turner, chairman and CEO of Mainstreet, in a release. “This is especially true for those who focus on rehabilitation and therapy and on getting people well and back home where they want to be.”

The short-term stay model in luxurious settings is what Turner calls Mainstreet’s “unique business proposition,” and he says it’s fueling the developer’s rapid growth in Indiana and other states.

In the last five years, Mainstreet has invested $125 million into developing 10 properties in Indiana communities including Wabash, Avon, and Mishawaka. The developer’s Wellbrooke of Westfield was the winner of the 2013 Senior Housing News Design and Architecture Awards for best new skilled nursing project.

The 2014 projects are: Clearvista Lakes in Indianapolis, opening in January; Arlington Place in Indianapolis, opening in February; Wellbrooke of Kokomo, opening in March; Wellbrooke of South Bend, opening in July; Evergreen Place in Indianapolis, opening in September; and two more unnamed developments in Terre Haute and Lafayette, both slated to open in November.

Written by Alyssa Gerace

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