Mainstreet Eyes More Avenues For Growth

Posted: Updated:
Mainstreet believes its student housing arm will "transform" collegiate life. Mainstreet believes its student housing arm will "transform" collegiate life.

The chief financial officer of Carmel-based Mainstreet says the company is positioned well to grow in new markets and industries over the next several years. Adlai Chester says, in addition to its new student housing arm, the real estate developer will be "dipping our toe" into the assisted living and medical office space markets. Mainstreet recently hired its 100th employee, and Chester expects the work force to double in the next few years.

Mainstreet was founded in 2002 as an investment company, with its initial focus on health care real estate. The company has specialized in transitional care properties, where patients stay for 10-20 days for treatment before returning home. Chester says health care reform "positions us very well" as health care providers are looking to move people from long-term hospital stays to lower-cost settings.

Earlier this month, Mainstreet announced the launch of Vita, its student housing arm that the company said would "transform" collegiate life. Its first project will be a partnership at Warner University in Lake Wales, Florida. The first phase of that development will include 25 units and 100 beds.

Chester says Mainstreet is riding a wave of momentum. He says the company is investing more than $400 million in real estate development this year. Mainstreet has hired more than 50 new employees this year as well. As the company looks to the next five-to-ten years, Chester says its focus will likely widen from strictly real estate to operations as well.

  • Perspectives

    • How to Find a New Audience After Hitting a Marketing Plateau

      It may sound like a marketer’s dream scenario: efforts have proven to be so successful it appears a company has completely saturated their target audience. While it may be a good problem to have, it still may be a problem. Hitting a marketing plateau is an opportunity for companies in any industry to reevaluate, re-energize and come to the table with new ideas for better understanding existing customers and engaging new audiences.

  • Most Popular Stories

    • (photo courtesy of WTHR-TV)

      Andrew Luck Retiring from NFL

      In a shocking development following the Indianapolis Colts' preseason loss to the Chicago Bears, quarterback Andrew Luck has announced his retirement from the NFL. Luck, who did not play in Saturday's game, said the number of injuries he has suffered throughout his professional career "has taken my joy of this game away." Luck teared up during a news conference in which he made his announcement. "After 2016 where I played in pain and was unable to regularly...

    • Shaina Keck

      Pier 48 Manager Named

      FK Restaurant Group has named Shaina Keck sales and banquet manager for Pier 48 Fish House and Bar in downtown Indianapolis. She previously served in sales at Kilroy's Bar & Grill. Keck is a graduate of Indiana University Kelly School of Business with a bachelor of science degree in finance and accounting with a concentration in international studies.  
    • (image courtesy of The Times of Northwest Indiana)

      Crews Start Demolition of Carson's in Hammond

      The face of downtown retail in Hammond is changing once again with the demolition of Carson’s department store, the one-time the anchor of Woodmar Mall. Our partners at The Times of Northwest Indiana report excavating crews have started to demolish the last vestige of the shopping center which stood since the 1950s. 

    • Julie Bondy Roberts

      How Barry Manilow Can Help Tame Your LinkedIn Stage Fright

      My former co-work, Rita, loved Barry Manilow.  She often wore a T-shirt that said, “Never Underestimate the Power of a Barry Manilow Song.” She loved him so much that in one week, she saw him once in Indianapolis and the following weekend she drove up to Chicago to see him. She was our receptionist – and I guarantee you she ate Ramen noodles for a few days to make those two concerts happen. 

    • (Image courtesy of Northern Indiana Commuter Transportation District)

      Michigan City Commits $12M to South Shore Track Project

      The Michigan City Common Council has formally committed to contribute $12 million towards the proposed $416 million Double Track project for the South Shore commuter line. Our partners at The Times of Northwest Indiana report the council voted unanimously to pay $7 million upfront and finance the remaining $5 million through a 20-year bond issue.