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Mainstreet plans $9.2M nursing home on northwest side

May 31, 2013

Carmel-based Mainstreet Property Group plans to build a new 100-bed “health care resort” on 7 acres at 5404 Georgetown Road in Indianapolis, according to a tax-abatement request filed with the city.

The $9.25-million, 65,000-square-foot nursing-home and assisted-living facility would feature an Internet cafe, movie theaters and restaurant-style dining with an on-site chef, Mainstreet spokeswoman Kate Snedeker said. About 90 percent of the beds would be in private rooms. Seventy of the beds would be for skilled nursing, and 30 would be for assisted-living residents.

Mainstreet seeks a three-year property-tax abatement that would save the company about $468,000, according to a preliminary resolution that will go before the Metropolitan Development Commission on June 5. The site is not in a designated economic revitalization area.

The city’s Department of Metropolitan Development staff estimates the construction will increase the property value by nearly $6.5 million, resulting in about $156,000 a year in new property-tax revenue after the abatement expires. The property is now being taxed at $283 per year.

Mainstreet would lease the property to a third-party operator, which hasn’t yet been identified. Mainstreet estimates the facility operator would employ 80 people, earning an average $17.30 per hour.

Mainstreet this month was approved to receive state economic development incentives for moving its headquarters from Cicero to Carmel. The fast-growing company founded by Zeke Turner, the son of Indiana lawmaker Eric Turner, has built multiple senior-living facilities in Indiana and Illinois.

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