News From Terre Haute, Indiana

February 7, 2014

Developer adds health facility

Total economic impact of all sites estimated at $3 billion

News Release

TERRE HAUTE — Construction is under way on a hotel-like rehabilitation and therapy facility in Terre Haute to be operated by Mainstreet Property Group, a Cicero-based company.

The 75-to 80-bed Mainstreet project, expected to open its doors in November at the former Memorial Park site on the northside of Terre Haute near Union Hospital, will create 123 permanent jobs and 350 construction jobs, according to Mainstreet. The overall economic impact on the area is estimated by the company at $105 million.

Mainstreet purchased the 5.7-acre Memorial Park from the City of Terre Haute for $1 million last year. The developer has announced a number of Indiana development projects for 2014-2016, including the $10 million project in Terre Haute.

Across the state, the projects are expected to create 3,000 permanent jobs and 8,400 temporary jobs, with a financial impact of an estimated $3 billion, Mainstreet reports.

Mainstreet projects are currently under way in Lafayette, Terre Haute, South Bend, Kokomo and Indianapolis, creating approximately 2,500 construction jobs, 850 permanent jobs, with a total economic impact of over $850 million. Cities for 2015 include Carmel, Dyer, Bloomington and Crown Point.

“Developing these medical resorts here for the use of Hoosiers, while serving as an economic engine for these cities and towns, is a rewarding result,” said Zeke Turner, chairman and CEO of Mainstreet. “Now active in 14 states, Mainstreet is growing rapidly nationwide. … Where many see uncertainty in the changing health care landscape, we see opportunity to design, build and offer a model that appeals to the consumer.”

Over the past five years, Mainstreet has developed 10 properties in Indiana communities, including Wabash, Crawfordsville, Westfield, Avon, Lawrenceburg and Mishawaka. The investment totals more than $125 million, with an economic impact of nearly $1.3 billion.

The Mainstreet developments include an in-house movie theater, outside fire pit, fireplaces, salon/spa for haircuts and manicures, fitness center, game room, art and music classes and walking trails.

“With millions of Americans aging into retirement and beyond over the next 20 years, there’s significant opportunity for those who can bring innovation to the tired, existing models of health care,” Turner said.

With information from Mainstreet Property Group, Tribune-Star staff writer Arthur Foulkes contributed to this report.