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City approves $15.7M senior-living center on east side

IBJ Staff
September 20, 2012
Keywords
Health Care, Health Care & Insurance, Health Care & Life Sciences, Real Estate & Retail, Residential Real Estate
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A Cicero-based developer has won city approval to build a $15.7 million senior health care center at 16th Street and Arlington Avenue on Indianapolis’ east side.

The city’s Metropolitan Development Commission gave its blessing Wednesday after accepting in February an offer from Mainstreet Property Group LLC to purchase the property for $912,500.

The city had owned the nine-acre parcel since September 2004, when it bought the property formerly used by Raytheon Technical Services Co. LLC for $1 from the federal government.

Nearly half of the project’s cost could be financed by $7.4 million in city-issued bonds.

Mainstreet’s plans for the center call for 70 skilled-nursing and 30 assisted-living beds.
   
The facility is expected to create up to 150 jobs, Mainstreet officials said.

The project would be Mainstreet’s first newly constructed facility in Marion County. In 2006, it purchased out of bankruptcy the Highland Health and Living Center in Indianapolis at 2926 N. Capital Ave.

The company owns or co-owns 13 senior health care centers in Indiana, Illinois and Ohio, and has six more under development. It also plans to break ground on up to 12 centers by the end of the year, including a $13.3 million facility in Westfield.
 

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  • Ballard's Banana Republic
    Charlie Madoff, Jr.September 21, 2012 7:32 AM
    Cronie Capitalism at work again... The taxpayers who cannot receive basic City Services without a tax increase ( all the while the Mayor cooks the books and HIDES TAX REVENUE IN TIFS) will once again finance private business....
    Reply to CommentFlag Comment

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  1. Saw the Indy Men's Chorus "Music of Gilbert & Sullivan" at the Indiana Historical Society on Sunday evening.

  2. Temporary workers are not "tools" they are people and companies that keep large amounts of temp staff are cheating.

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