Real estate investment firm Mainstreet has completed construction of a 138-unit senior campus in Lawrenceburg, Ind., and has broken ground on two other projects in Valparaiso and Marion.
The Lawrenceburg facility, RidgeWood Health Campus, is operated by Trilogy Health Systems. The newly opened development provides seniors an option of independent living, assisted living, Alzheimer’s care or skilled nursing. The $12 million project, located next to the Dearborn County Hospital, is expected to generate more than 150 jobs in the community, according to Mainstreet.
“The Lawrenceburg facility had significant pre-leasing activity even before officially opening — a clear indication of the pent-up demand that exists in the local market,” says Zeke Turner, chairman and CEO of Mainstreet, which is based in Cicero, Ind.
Mainstreet acquires, develops and owns skilled nursing facilities, assisted living facilities, independent living communities and senior apartments.
Founded in 2002, Mainstreet has ownership interests in 11 properties, including eight senior housing and care properties. The company also has six health care campuses in various stages of construction and development in the Midwest.
“Our goals for these projects are twofold: to offer seniors a living space where they can receive quality care and live with a real sense of dignity, and to enrich the community by creating new jobs and constructing a building that will be a true asset to these cities,” says Turner.
In Marion, Mainstreet is participating in a public/private partnership with the city to create a $13 million planned urban development on 200 acres. With its 100-bed senior housing facility, Mainstreet will act as anchor tenant in the revitalized neighborhood.
The facility will provide not only a living space and a continuum of care to seniors, but also a meeting and event space for the entire community. Plans call for a senior park, extensive landscaping, an improved road system and neighborhood sidewalks.
Scheduled for completion in early spring of 2012, the Marion facility is expected to create more than 300 construction jobs and 100 permanent positions.
“We’ve been preparing for this project for over two years,” says Adlai Chester, chief financial officer of Mainstreet. “Our priority is to promote dignity of life for seniors while positively impacting communities across Indiana, and Marion represents the culmination of these goals.”
Mainstreet also has broken ground on a state-of-the-art, 138-bed senior campus in Valparaiso that will also be operated by Trilogy Health Systems.