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Mainstreet signs operator for new health care properties

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A Cicero-based developer has signed a national senior-living company to operate four properties it plans for Indiana.

Mainstreet Property Group LLC said Tuesday that it has entered into a joint venture with Des Moines-based LCS, parent of Life Care Services, for new projects in Wabash, Avon, Westfield and Crawfordsville.

Construction on Wabash Health and Wellness Suites, a $15 million nursing and assisted-living property, is under way. The projects are relatively small in scale—Wabash will have 70 skilled nursing and rehabilitation suites, and 30 assisted-living apartments.

LCS offers long-term care and rehab at most of the properties it manages, and the Mainstreet prototype allows it to extend those services to smaller cities, LCS Executive Vice President Rick Exline said.

Earlier in May, Mainstreet filed a prospectus for a new publicly traded company called HealthLease Properties Real Estate Investment Trust, which would be traded on the Toronto Stock Exchange.

Mainstreet is seeking to raise $110 million, according to a preliminary prospectus.

The Wabash project would be one of nine properties, along with six more in Canada, that would be part of the new REIT, a Mainstreet spokeswoman said.

The Mainstreet-LCS project site in Westfield is adjacent to Grand Park, and the site in Avon is at 10307 East County Road 100 North. Neither of those projects will be part of the new REIT.

Earlier this year, Mainstreet received approval from the city of Indianapolis to build a $15.7 million senior health care center at 16th Street and Arlington Avenue on the city's east side. The Metropolitan Development Commission approved the project in February after accepting Mainstreet Property Group LLC’s offer to purchase the property for $912,500.

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

Overall, the company owns or co-owns at least 13 senior health care centers in Indiana, Illinois and Ohio, and has at least six more under development. It also plans to break ground on up to 12 centers by the end of the year.

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  1. Now if he'd just stay there...

  2. Daniel - what about the many US citizens who do NOT follow what the Bible teaches? The Hindus, Jews, Muslims and others who are all American citizens entitled to all rights as Americans?? This issue has NOTHING to do with "What the Bible says..." Keep all Churches separate from State! Pence's ongoing idiocy continues to make Indiana look like a backwards, homophobic state in the eyes of our nation. Can't we move on to bigger issues - like educating our kids?

  3. 1. IBJ should link to the referenced report. We are in the age of electronic media...not sharing information is lazy. Here is a link http://www.in.gov/gov/files/Blue_Ribbon_Panel_Report_July_9_2014.pdf 2. The article should provide more clarity about the make-up of this panel. The commenters are making this item out to be partisan, it does not appear the panel is partisan. Here is a list of the panel which appears to be balanced with different SME to add different perspectives http://www.in.gov/activecalendar/EventList.aspx?view=EventDetails&eventidn=138116?formation_id=189603 3. It suggests a by-pass, I do not see where this report suggests another "loop". 4. Henry, based on your kneejerk reaction, we would be better off if you moved to another state unless your post was meant as sarcasm in which case I say Well Done. 5. The article and report actually indicates need to improve rail and port infrastructure in direct contradiction to Shayla commentary. Specifically, recommendation is to consider passenger rail projects... 6. People have a voice with their elected officials. These are suggestions and do not represent "crony capitalism", etc. The report needs to be analyzed and the legislature can decide on priorities and spending. Don't like it, then vote in a new legislature but quit artificially creating issues where there are none! People need to sift through the politics and provide constructive criticism to the process rather than making uninformed comments in a public forum based on misinformation. IBJ should work harder to correct the record in these forums when blatant errors or misrepresentations are made.

  4. Joe ... Marriage is defined in the Bible ... it is mentioned in the Bible often. Marriage is not mentioned once in the US or Indiana Constitution ...

  5. Daniel - Educate me please: what does the Bible have to do with laws? If the government wasn't in the business of marriage to begin with, then it wouldn't have to "define" marriage at all. Marriage could be left as a personal, religious, or otherwise unregulated action, with no ties to taxes, legal status, etc. Then people could marry whomever they want, and all this silliness would go away. Remember to vote Libertarian in November.

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