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Developer to move HQ to Carmel, create 25 jobs

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A Cicero-based developer of senior housing and care properties will move its headquarters to Carmel later this month and begin hiring an estimated 25 new employees.

Mainstreet Property Group LLC will invest $800,000 to lease and equip 7,120 square feet of office space at 14390 Clay Terrace Blvd., according to firm officials. The company, which currently employs 20 workers, will begin hiring for additional real estate development and management officials later this year.

Founded in 2002, Mainstreet has been one of the fastest-growing companies in central Indiana in recent years. It currently has some $200 million in projects under construction.

In June 2012, Mainstreet launched an initial public offering for affiliated company HealthLease Properties Real Estate Investment Trust that raised $110 million.
Mainstreet, the largest shareholder in HealthLease, develops properties for the REIT’s portfolio. HealthLease, which posted revenue of $25 million in 2012, holds 15 facilities in the United States and Canada, with an additional 13 to come after the expected close of a $141.7 million acquisition.

“We’ve had a great run in Cicero … but our growth and the June 2012 launch of our public REIT necessitated us to look at a move,” said Zeke Turner, Mainstreet chairman and CEO, in a prepared release. "Clay Terrace offers a desirable, functional space with a closer proximity to our employees and our partners.”

The Indiana Economic Development Corp. offered Mainstreet up to $325,000 in conditional tax credits and up to $20,000 in training grants based on the company’s current plans. These tax credits are performance-based, meaning the company is not eligible to claim incentives until employees are hired.

In a recent installment of IBJ's "Leading Questions" video series, Turner discussed the risky process of taking HealthLease public, as well as some somewhat unorthodox elements of his management style.
 

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  • here we go again
    hmm...that's about $20,000 per job....and that assumes they are real....another "rob from the poor, give to the rich plan"
  • Fiduciary Responsibility
    Apparently any utterance of the word "jobs" sparks a Pavlovian response from IEDC to open their wallet. Funny that the GOP has no problem with this any more, after years of grousing when a Dem was governor.

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  1. I am not by any means judging whether this is a good or bad project. It's pretty simple, the developers are not showing a hardship or need for this economic incentive. It is a vacant field, the easiest for development, and the developer already has the money to invest $26 million for construction. If they can afford that, they can afford to pay property taxes just like the rest of the residents do. As well, an average of $15/hour is an absolute joke in terms of economic development. Get in high paying jobs and maybe there's a different story. But that's the problem with this ask, it is speculative and users are just not known.

  2. Shouldn't this be a museum

  3. I don't have a problem with higher taxes, since it is obvious that our city is not adequately funded. And Ballard doesn't want to admit it, but he has increased taxes indirectly by 1) selling assets and spending the money, 2) letting now private entities increase user fees which were previously capped, 3) by spending reserves, and 4) by heavy dependence on TIFs. At the end, these are all indirect tax increases since someone will eventually have to pay for them. It's mathematics. You put property tax caps ("tax cut"), but you don't cut expenditures (justifiably so), so you increase taxes indirectly.

  4. Marijuana is the safest natural drug grown. Addiction is never physical. Marijuana health benefits are far more reaching then synthesized drugs. Abbott, Lilly, and the thousands of others create poisons and label them as medication. There is no current manufactured drug on the market that does not pose immediate and long term threat to the human anatomy. Certainly the potency of marijuana has increased by hybrids and growing techniques. However, Alcohol has been proven to destroy more families, relationships, cause more deaths and injuries in addition to the damage done to the body. Many confrontations such as domestic violence and other crimes can be attributed to alcohol. The criminal activities and injustices that surround marijuana exists because it is illegal in much of the world. If legalized throughout the world you would see a dramatic decrease in such activities and a savings to many countries for legal prosecutions, incarceration etc in regards to marijuana. It indeed can create wealth for the government by collecting taxes, creating jobs, etc.... I personally do not partake. I do hope it is legalized throughout the world.

  5. Build the resevoir. If built this will provide jobs and a reason to visit Anderson. The city needs to do something to differentiate itself from other cities in the area. Kudos to people with vision that are backing this project.

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