Mainstreet Property Group Announces Another $60 Million in New Development Projects
Healthlease Properties Reit (TSX:HLP.UN)
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INDIANAPOLIS, Oct. 16, 2012 /PRNewswire/ -- Mainstreet Property Group, one of the country's largest and most innovative developers of seniors housing and care properties, has announced more than $60 million in new health care development projects in the communities of Avon, Indiana; Castleton, Indiana; Crawfordsville, Indiana; and Kokomo, Indiana.
Mainstreet has added $200 million in new development assets since January 2010, further showing demand in the senior care market despite the sluggish economy.
These four Next Generation™ health campuses, once completed, will include both skilled care and assisted living options and will offer private rooms, private baths, restaurant-style dining and a host of social amenities for both short-term and long-term care needs.
"Mainstreet is committed to designing and developing something fresh – and needed – in seniors housing and care," Zeke Turner, Mainstreet CEO said. "Our goal is to create a living space where the consumer can receive the quality care they need while still living in a place they enjoy. The vast majority of this industry's properties are ill-suited to serve the next generation of users, as the average consumer does not want to receive care in a 30 or 40 year old nursing home. Our health care campuses instead meet the high standards of today's consumer with unique and tailored health offerings and a host of engaging social activities including private rooms and restaurant-style dining."
The new construction at the skilled care and assisted living communities has begun or will begin shortly at all four locations, and all are set to be completed in the 3rd and 4th quarters of 2013. The Avon and Crawfordsville communities are part of Mainstreet's previously announced joint venture with Des Moines-based LCS, a leading provider of high-quality senior lifestyle products and services.
More than 1000 jobs will be supported during the construction of these four campuses; once open, the communities will support between 400-500 permanent jobs.
Once completed, HealthLease Properties REIT, a publicly traded company on the Toronto Stock Exchange in which Mainstreet holds an interest, has the right to purchase each of the four properties.
Indiana-based Mainstreet Property Group is the nation's largest skilled nursing developer, known for acquiring and developing desirable, concierge-based health care properties with a hotel-like atmosphere for a variety of short-term and long-term needs. The company's innovative and industry-leading Next Generation™ design meets the demands of the Baby Boomer, including communities with multiple social destinations, restaurant-style dining, spacious private rooms and baths, and therapy/wellness. Mainstreet was named to the Inc. 500/5000 list of fastest-growing companies in 2010, 2011 and 2012. For additional information, visit www.mainstreetcap.net.
Contact: Kate Snedeker
SOURCE Mainstreet Property Group