Mainstreet Eyes More Avenues For Growth

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Mainstreet believes its student housing arm will "transform" collegiate life. Mainstreet believes its student housing arm will "transform" collegiate life.
CARMEL -

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.

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