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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. From the story: "The city of Indianapolis also will consider tax incentives and funding for infrastructure required for the project, according to IEDC." Why would the City need to consider additional tax incentives when Lowe's has already bought the land and reached an agreement with IEDC to bring the jobs? What that tells me is that the City has already pledged the incentives, unofficially, and they just haven't had time to push it through the MDC yet. Either way, subsidizing $10/hour jobs is going to do nothing toward furthering the Mayor's stated goal of attracting middle and upper-middle class residents to Marion County.

  2. Ron Spencer and the entire staff of Theater on the Square embraced IndyFringe when it came to Mass Ave in 2005. TOTS was not only a venue but Ron and his friends created, presented and appeared in shows which embraced the 'spirit of the fringe'. He's weathered all the storms and kept smiling ... bon voyage and thank you.

  3. Not sure how many sushi restaurants are enough, but there are three that I know of in various parts of downtown proper and all are pretty good.

  4. First off, it's "moron," not "moran." 2nd, YOU don't get to vote on someone else's rights and freedoms that are guaranteed by the US Constitution. That's why this is not a state's rights issue...putting something like this to vote by, well, people like you who are quite clearly intellectually challenged isn't necessary since the 14th amendment has already decided the issue. Which is why Indiana's effort is a wasted one and a waste of money...and will be overturned just like this has in every other state.

  5. Rick, how does granting theright to marry to people choosing to marry same-sex partners harm the lives of those who choose not to? I cannot for the life of me see any harm to people who choose not to marry someone of the same sex. We understand your choice to take the parts of the bible literally in your life. That is fine but why force your religious beliefs on others? I'm hoping the judges do the right thing and declare the ban unconstitutional so all citizens of Wisconsin and Indiana have the same marriage rights and that those who chose someone of the same sex do not have less rights than others.

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