Mainstreet Property Group Announces Another $60 Million in New
Development Projects
INDIANAPOLIS, Oct. 16, 2012 /PRNewswire/ -- Mainstreet
Property Group, one of the country's largest and most innovative
developers of seniors housing and care properties, has announced
more than $60 million in new health
care development projects in the communities of Avon, Indiana; Castleton, Indiana; Crawfordsville, Indiana; and Kokomo, Indiana.
Mainstreet has added $200 million
in new development assets since January
2010, further showing demand in the senior care market
despite the sluggish economy.
These four Next Generation™ health campuses, once
completed, will include both skilled care and assisted living
options and will offer private rooms, private baths,
restaurant-style dining and a host of social amenities for both
short-term and long-term care needs.
"Mainstreet is committed to designing and developing something
fresh – and needed – in seniors housing and care," Zeke Turner, Mainstreet CEO said. "Our goal is
to create a living space where the consumer can receive the quality
care they need while still living in a place they enjoy. The vast
majority of this industry's properties are ill-suited to serve the
next generation of users, as the average consumer does not want to
receive care in a 30 or 40 year old nursing home. Our health
care campuses instead meet the high standards of today's consumer
with unique and tailored health offerings and a host of engaging
social activities including private rooms and restaurant-style
dining."
The new construction at the skilled care and assisted living
communities has begun or will begin shortly at all four locations,
and all are set to be completed in the 3rd and
4th quarters of 2013. The Avon and Crawfordsville communities are part of
Mainstreet's previously announced joint venture with Des Moines-based LCS, a leading provider of
high-quality senior lifestyle products and services.
More than 1000 jobs will be supported during the construction of
these four campuses; once open, the communities will support
between 400-500 permanent jobs.
Once completed, HealthLease Properties REIT, a publicly traded
company on the Toronto Stock Exchange in which Mainstreet holds an
interest, has the right to purchase each of the four
properties.
About Mainstreet
Indiana-based Mainstreet
Property Group is the nation's largest skilled nursing developer,
known for acquiring and developing desirable, concierge-based
health care properties with a hotel-like atmosphere for a variety
of short-term and long-term needs. The company's innovative and
industry-leading Next Generation™ design meets the demands of the
Baby Boomer, including communities with multiple social
destinations, restaurant-style dining, spacious private rooms and
baths, and therapy/wellness. Mainstreet was named to the Inc.
500/5000 list of fastest-growing companies in 2010, 2011 and 2012.
For additional information, visit www.mainstreetcap.net.
Contact: Kate Snedeker
ksnedeker@mainstreetcap.net
317-420-0205
SOURCE Mainstreet Property Group