Mainstreet moves forward with $10.1M nursing home in Whitestown
The 96-bed skilled nursing care complex will include eight buildings on a 10.5-acre property northeast of Main Street and Central Boulevard near the massive Anson development.
Mainstreet Property Group LLC
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INDIANA 100: Mainstreet tops fastest-growing companies list
Nursing home developer Mainstreet is the fastest-growing private company in the Indianapolis area.
Nursing home profits surge as owners seek moratorium
Nearly two-thirds of the state’s nursing homes are now participating in partnerships with county-owned hospitals that effectively double their profit margins.
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Carmel-based Mainstreet Property Group will open 24 more health care facilities for Hoosier seniors during this year and the next two years. Those facilities, in total, would create 3,000 permanent jobs for Hoosiers–if they’re allowed to be built. The Indiana General Assembly is mulling a five-year moratorium on the construction of skilled nursing facilities, which if passed would prevent Mainstreet from building any new facilities not already begun by June 30. That legislation, known as Senate Bill 173, has passed the Indiana Senate and now awaits a hearing in the Indiana House. Zeke Turner, CEO of Mainstreet, said that if Indiana enacts a construction moratorium, Mainstreet will simply build more facilities in other states. The company has existing facilities in eight states and is working to expand in six more. Mainstreet alarmed older nursing home companies by developing 10 new facilities in the past five years—and breaking an unwritten rule of the industry by building in competitors’ back yards. That prompted the Indiana Health Care Association and other long-term-care groups to call for a ban on new construction.
Purdue Research Foundation and Bloomington-based medical-device maker Cook Medical have created a $12 million fund intended to help life-science businesses with connections to Purdue University. The Foundry Investment Fund will try to work with other investors to provide funding for companies that use Purdue-licensed technology or Purdue’s expertise in human and animal health and plant sciences. It typically would provide a match to outside investors’ funds. Outside investors could include venture capital firms, corporations, angel funding groups, or qualified individuals.
Indiana University Health announced a deal with UnitedHealthcare on Feb. 6, ending a contract dispute that had pushed IU Health doctors and hospitals out of the health insurance company’s discounted network Jan. 1. The two-year agreement gives UnitedHealthcare discounted rates retroactive to Jan. 1. Such discounts, which insurers negotiate with hospital systems, reduce prices 30 percent or more. The dispute between Indianapolis-based IU Health and Minnesota-based UnitedHealthcare dates to 2012, when the sides could not agree on a new long-term contract. They instead extended their previous agreement by one year, to Dec. 31, 2013, but then could not come to terms before the end of the year.
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Carmel-based Mainstreet Property Group plans to build a 100-bed “health care resort” on seven acres at 5404 Georgetown Road, 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, spokeswoman Kate Snedeker said. Seventy of the beds would be for skilled nursing and 30 for assisted-living residents. Mainstreet would lease the property to a third-party operator, which hasn’t been identified. Mainstreet estimates the operator would employ 80 people earning an average $17.30 per hour. Mainstreet is seeking a three-year property-tax abatement that would save the company about $468,000, according to a preliminary resolution that goes before the Metropolitan Development Commission on June 5.
Indiana University and Purdue University joined nine other members of the Big Ten athletic conference June 1 to form the Big Ten Cancer Research Consortium. The schools intend to conduct collaborative clinical trials to develop insights and products to treat cancer. Indianapolis-based cancer research organization Hoosier Oncology Group will serve as administrative headquarters for the consortium. Since 1984, Hoosier Oncology Group has initiated more than 150 clinical trials with more than 4,000 patients. “The advantage of this, particularly during a time of austerity for research, is that we can build upon the strengths of the institutions and fortify some of the shortcomings,” Dr. Patrick Loehrer, director of the IU Melvin and Bren Simon Cancer Center, said in a prepared statement.
Eli Lilly and Co. suffered a setback on one of its attempts to win approval for new indications for its blockbuster lung cancer drug Alimta. The drug did not extend progression-free survival times longer than the old chemotherapy drug paclitaxel when studied in a clinical trial of patients with nonsquamous non-small lung cancer. Paclitaxel, or Taxol, was given to patients with two other chemotherapy agents, carboplatin and bevacizumab. Alimta was given to patients along with carboplatin. Alimta had nearly $2.6 billion in global sales last year, but its rate of growth slowed to just 5 percent. Lilly hoped a new indication would reignite Alimta growth rates, helping it offset revenue Lilly will lose in the next year as patents on its drugs Cymbalta and Evista expire. Alimta, by contrast, has patents that will likely extend its life through 2021.
Mainstreet plans $9.2M nursing home on northwest side
The 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.
Review finds no conflict in state’s deal with Mainstreet
Gov. Mike Pence asked the Indiana Economic Development Corp. in early April to review its decision to grant $345,000 in performance-based economic incentives to Mainstreet Property Group LLC, a company started by a top Republican lawmaker and his son.
IEDC deal with Mainstreet put on hold by Pence
Gov. Mike Pence asked the Indiana Economic Development Corp. on Monday to review its decision to grant $345,000 in economic incentives to a company started by a top Republican lawmaker and his son.
Company news
Indianapolis-based Mainstreet Property Group said it will spend $60 million to develop senior care communities in Avon, Crawfordsville, Kokomo and the Castlelton area of Indianapolis. The four campuses will include skilled care and assisted living facilities for both short- and long-term patients. All are set to be completed in the third or fourth quarter of 2013, and will collectively employ more than 400 people once they open. The Avon and Crawfordsville communities are part of Mainstreet’s previously announced joint venture with Des Moines-based LCS, a leading provider of senior lifestyle products and services. Mainstreet has added $200 million in new development assets since January 2010.
The Indiana University School of Medicine and the new IU Richard M. Fairbanks School of Public Health have received a $1.46 million federal grant to create a joint doctor of medicine and master of public health program. The funding will come over five years from the U.S. Department of Health and Human Services. The five-year program will provide medical students with training in environmental health, infectious disease control, disease prevention and health promotion, epidemiological studies and injury control. The first students will enroll in fall of 2013. Also, IU medical school will use some of the federal funding to integrate public health content and experiences into the primary care curriculum that all IU medical students take.
New York-based Aspen Dental Management, which operates 29 dental clinics in Indiana, has been sued for operating those clinics illegally, according to the Associated Press. A federal lawsuit filed in New York claims Aspen Dental and Leonard Green and Partners, the private-equity firm that controls Aspen, are violating laws that require clinics to be owned by dentists who perform procedures onsite. Court papers say Aspen's "so-called 'Practice Owners' are nothing more than de facto employees and/or independent contractors" of the company, which controls its 358 clinics' marketing, hiring, training and bookkeeping. Aspen says it provides management services and doesn't control clinical care. A spokeswoman says the accusations in the filing are "entirely without merit." A message left with Los Angeles-based LGP wasn't initially returned. Aspen operates 29 dental offices in Indiana, including 10 in the Indianapolis area, according to its website.
Company news
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 Sept. 19 after accepting an offer from Mainstreet Property Group LLC to purchase the property for $912,500. The city bought the nine-acre parcel from the federal government for $1 in September 2004. It had been used by Raytheon Technical Services Co. LLC. 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. Capitol Ave. The company owns or co-owns 13 senior health care centers in Indiana, Illinois and Ohio, and has six more under development. It plans to break ground on up to 12 centers by the end of the year, including a $13.3 million facility in Westfield.
A European Union committee has endorsed the use of Eli Lilly and Co.'s erectile dysfunction drug Cialis to treat symptoms tied to an enlarged prostate, according to the Associated Press. The EU’s Committee for Medicinal Products for Human Use recommended approval of Cialis for benign prostatic hyperplasia. The condition often comes with such symptoms as the need to urinate urgently and frequently. The European Commission usually decides on the committee's opinion within a month or two, Lilly said Friday. The Commission is not required to adopt the committee recommendation, but it usually does. The U.S. Food and Drug Administration approved Cialis last fall for the treatment of symptoms of an enlarged prostate. Regulators also have approved the use in Canada, Mexico and Brazil, among other countries. Cialis brought in $1.88 billion last year. Its patents will last until 2017.
Indiana’s adult obesity rate is predicted to climb from 25 percent now to 56 percent by 2030, according to new projections released by the Trust for America’s Health and the Robert Wood Johnson Foundation. That shocking increase would move Indiana from the 38th-most-obese state now to the 26th-most-obese state. Mississippi is predicted to lead the nation in obesity in 2030, as it does now. And even Colorado, which has the least obese population—with only 21 percent obese—is predicted to have 45 percent of its adults obese in 2030. The report, titled "F as in Fat,” was released on Sept. 18. “This study shows us two futures for America’s health,” said Dr. Risa Lavizzo-Mourey CEO of the New Jersey-based Robert Wood Johnson Foundation. "At every level of government, we must pursue policies that preserve health, prevent disease and reduce health care costs. Nothing less is acceptable.”
City approves $15.7M senior-living center on east side
Mainstreet Property Group LLC plans to build a 100-bed facility at 16th Street and Arlington Avenue on nine acres where Raytheon Technical Services Co. LLC once operated.
Company news
EMC Precision Machining in Sheridan gave each of its 93 employees a bicycle Friday for exceeding cost-cutting goals. The incentive is part of a larger campaign the company adopted this year to promote both employee and company health and fitness. The bikes are a reward to employees for submitting ideas approved by the company that should result in annual savings of $300,000—double the goal set by EMC. The company spent about $30,000 to purchase the bikes and to throw a cookout to celebrate the occasion. EMC was founded in Ohio in 1925 and opened its Sheridan location in 2009 after purchasing Biddle Precision Components.
A Cicero-based developer has signed a national senior-living company to operate four new developments it plans for Indiana. Mainstreet Property Group LLC said May 30 that it has entered into a joint venture with Des Moines-based Life Care Services for new projects in Wabash, Avon, Westfield and Crawfordsville. Construction has begun on Wabash Health and Wellness Suites, a $15 million nursing and assisted-living property. 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 prospectus. The Mainstreet-LCS project site in Westfield is adjacent to Grand Park, and the site in Avon is at 10307 E. 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 East 16th Street and Arlington Avenue. 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.
The Indiana University National Center of Excellence in Women's Health has been awarded two grants from the Indiana State Department of Health, totaling nearly $400,000, to focus on preventing pregnancies, especially among teens. The money will be used to pay for a traveling bus, which will provide health screenings and education programs in Marion, Clay and Delaware counties. The IU center also hopes to partner with health care providers in other parts of the state where women have poor access to primary health care resources.
Mainstreet signs operator for new health care properties
A Cicero-based developer has signed a national senior-living company to operate four new properties it plans for Indiana.
Company news
Eli Lilly and Co.’s osteoporosis drug Forteo was used in the first successful human trial of an implantable device that delivers injectable drugs—showing promise for eliminating the need for regular shots. Massachusetts-based MicroCHIPS Inc. implanted wirelessly controlled drug-delivery devices in women with osteoporosis. The devices delivered daily doses of Forteo into the women’s bloodstreams. The device could be helpful for Lilly and its peers, who are trying to develop more biotech drugs like Forteo. Such drugs are typically made up of large proteins, which cannot be reduced to pill form and must instead be injected. Many patients resist taking injectable drugs and many do not fully comply with their prescribed regimens.
A Cicero-based developer plans 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 approved the project Wednesday after accepting Mainstreet Property Group LLC’s offer to purchase the property for $912,500. Mainstreet plans to begin construction in July and finish by June 2013. The facility would include 100 beds for skilled care, short-term rehabilitation and assisted-living patients. The facility is expected to create up to 150 jobs, said Zeke Turner, Mainstreet’s CEO. Overall, the company owns or co-owns 13 senior health care centers in Indiana, Illinois and Ohio, and has six more under development. It plans to break ground on as many as 12 centers by the end of the year, including a $13.3 million facility in Westfield, Turner said.
Marian University is looking to hire as many as 25 professors to help launch its College of Osteopathic Medicine, which is slated to open in August 2013. The school, which would be Indiana’s second medical school, would train 150 physicians each year. Marian, a small Catholic university in Indianapolis, wants to hire as many as three professors in each of seven disciplines: anatomy, biochemistry, microbiology, immunology, physiology, pharmacology and pathology.
Developer plans $15.7M senior-living center on east side
The city of Indianapolis approved the project after accepting Mainstreet Property Group’s offer to purchase the property at 16th Street and Arlington Avenue for $912,500.
2012 Forty Under 40: Paul Ezekiel ‘Zeke’ Turner
Paul “Zeke” Turner, 34, says his work is all about transforming lives. As CEO of Cicero-based Mainstreet Property Group, that means building health care facilities that provide quality, comfortable places for seniors and jobs for the community.
Developer plans $13M senior-living center in Westfield
Cicero-based developer Mainstreet Property Group LLC plans to build a $13.3 million senior health care center in Westfield. The 65,000-square assisted living facility will employ about 150 people when it opens in 2012.