INDIANAPOLIS-Mainstreet, a developer and owner of small- to mid-size seniors housing complexes, is working on agreements to build four sites in the fourth quarter, and another 10 properties next year. The company added $100 million in new seniors housing this year.
Zeke Turner, chairman and CEO of the firm, tells GlobeSt.com that the company has closed or is closing on four properties in Springfield, IL; Wabash, IN; Mishawaka, IN and Westfield, IN. The properties will include a combination of skilled-nursing, assisted-living care and Alzheimer’s care. Each project is about $15 million, and each one has about 100 to 125 units, he says.
Turner says his plan is to open at least 10 properties in 2012, “and possibly more, but we have to be conservative with the way financing is today.” His company owns 20 properties throughout the Midwest currently, and leases the sites out to operators.
The new properties will serve more than long-time users, Turner says. Many of the sites will be designed to handle Baby Boomers who need short-term care, following events such as surgery or rehabilitation. “These are properties that focus on stays of 18-20 days. The units are more hotel-style, with private rooms and bathrooms,” he says. His firm just broke ground last week, for example, on the Bridge Care Suites, a $13 million, 75-bed rehabilitation care center in Springfield, IL.
These short-term properties will be mixed in on campuses with long-term care units, Turner says. He also says the nation’s 15,000 nursing homes are woefully aged and inadequate for what Baby Boomers will expect for care, so the need for new properties is very strong. “There’s so many places that are just highly institutional, they look like hospitals,” he says. “There’s an Association for the Advancement of Retired Persons survey that shows that 90% of Baby Boomers are unwilling to accept the stock of senior housing today. They’d rather just stay home.”
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