updated: 5/30/2012 1:25:19 PM
An Indiana company has entered into an agreement allowing Iowa-based Life Care Services to manage several senior living communities. Cicero-based Property Group LLC will develop the facilities, which will be located throughout Indiana. The first project is expected to open next year in Wabash, with other facilities set to be built in Westfield, Avon and Crawfordsville.
May 29, 2012
DES MOINES, Iowa – LCS, a leading provider of senior lifestyle services, has entered into a joint venture agreement with Mainstreet Property Group, LLC, of Cicero, Indiana to own and operate the first of several skilled nursing, short-term rehabilitation and assisted living communities.
Mainstreet, which will act as the real estate owner/developer, has thirteen similar communities currently in operation. The first joint venture community, Wabash Health and Wellness Suites in Wabash, IN is currently under development and is projected to open in January 2013 on 30+ acres. The 67,000 square foot project, which will create approximately 140 jobs, will have 70 skilled nursing and short-term rehabilitation suites with 30 assisted living apartments. With construction costs of $15 million, the City of Wabash projects the Wabash Health and Wellness Suites will create an economic impact of $200 million in Wabash County over the next ten years.
The state-of-the-art community has also partnered with Living Well in Wabash to create a satellite location for the local senior center for Wabash County and has also partnered with the Wabash County Museum to bring their historical displays into the building for its residents as well as the local community.
Three other sites in Indiana are also part of the initiative: Westfield, Avon, and Crawfordsville. Indianapolis-based Shiel Sexton is the general contractor in Wabash; Meyer Najem Construction of Fishers, Indiana is the general contractor for Westfield, Avon and Crawfordsville.
The communities will be managed by Life Care Services, an LCS Company from their division office located in Greenwood, Indiana.
"LCS provides long-term care and rehabilitation services in the majority of communities we manage," notes Rick Exline, Executive Vice President/Director of Operations Management of LCS. "This prototype allows us to provide these services in smaller cities that have not had access to assisted living and rehabilitation in the past."
Exline continues, "LCS and Mainstreet have similar cultures, and both companies are committed to providing quality services in senior housing and healthcare."
"Mainstreet's goal is to create living spaces where seniors can receive the quality care they need while living in a place they can truly enjoy," said Zeke Turner, chairman and CEO of Mainstreet. "LCS is the perfect partner in providing high-quality, comfortable living spaces with access to a host of amenities."
"We are delighted to welcome LCS and Mainstreet to the Wabash community," said Bill Konyha, President & CEO of the Economic Development Group (EDG) of Wabash County. "LCS and Mainstreet have formed a great partnership, and EDG is proud to support them and this wonderful new amenity for our community."
About LCS and Life Care Services
Based in Des Moines, Iowa, LCS is a leading provider of high-quality senior lifestyle products and services. The company operates business lines focusing on planning and development, operations management, marketing and sales management for senior living communities, home health care and companion services, senior living community ownership, insurance, and national volume purchasing services. Established in 1971, Life Care Services is the nations' leading manager of senior living communities and currently provides operations, marketing and sales management services for over 28,000 residents in 30 states and the District of Columbia. For more information, visit lcsnet.com and lifecareserviceslcs.com.
Providing healthcare for a variety of short-term and long-term needs, Cicero-based Mainstreet Property Group offers guests concierge-based health care in a hotel-like atmosphere. Mainstreet’s Next Generation designs include 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 both 2010 and 2011. It has been listed as the third-fastest growing private company in the area by the Indianapolis Business Journal and one of 41 "Companies to Watch" in the state by the Indiana Economic Development Corporation, Purdue University and the Edward Lowe Foundation. For additional information, visit mainstreetcap.net.
Source: Life Care Services