TERRE HAUTE —
A north-side city park may soon be converted into a skilled nursing and rehabilitation facility designed for “baby boomers.”
Mainstreet, a Cicero-based real estate development company, is looking to construct a 75- to 80-bed skilled nursing/assisted living facility near Union Hospital on property that is currently known as Memorial Park, a city-owned public park.
This summer, the Terre Haute Board of Public Works and Safety declared the park “surplus” property, allowing the city to place it up for sale.
City officials have stated they expect the sale of the 5.7 acres to bring the city approximately $1 million. Mayor Duke Bennett has stated that the sale of unspecified city property would provide $1 million to help balance the city’s flagging general fund.
Tim Cook, an attorney representing Mainstreet before the Terre Haute City Council Thursday night, would not comment on a possible sale price.
The sale of the property is not required to go through an open bidding process because the project is deemed an “economic development project” that will fit in with surrounding property uses, said Cliff Lambert, executive director of the Terre Haute Department of Redevelopment, which is helping facilitate the property sale.
Sale prices in such cases are determined by averaging multiple appraisals, city officials have said.
Memorial Park is southwest of Union Hospital. Established in 1907, the park includes volleyball courts, a lighted softball diamond and, near Third Street, a playground.
North Fourth Street divides the park. Mainstreet is expected to ask the city to “vacate” that single block of North Fourth Street – between Seventh and Eighth avenues – later this year.
Mainstreet is seeking a 10-year real property tax abatement on its investment in the new facility, which is estimated to be around $10 million, according to an economic impact study provided by Mainstreet. The abatement would save the company about $750,000 over 10 years, Cook said.
The new facility would employ nearly 100 people at rates 5 to 10 percent greater than the market average for those positions, he said.
Mainstreet, established in 2002, is one of the fastest growing companies in America, according to the Inc. 500/5000 list. It has also been noted as one of the fastest growing companies in the Indianapolis area by the Indianapolis Business Journal.
The company currently owns or co-owns 13 senior health care centers in Indiana, Ohio and Illinois. A third party would operate the actual services provided in the facility, Cook told the council.
Mainstreet specializes in senior living facilities that would appeal to baby boomers, according to information provided by the company. Its facilities offer single rooms with significant facilities outside of the rooms to encourage residents to spend most of their time away from their rooms. The facilities include restaurants, theaters, pubs, coffee shops, pool rooms and more, Cook said.
More than half of the residents in the facility would be short-term rehabilitation residents staying between 15 and 35 days, Cook said.
Reporter Arthur Foulkes can be reached at (812) 231-4232 or arthur.foulkes@tribstar.com
Business
Related Photos
-
Sold: Memorial Park on Eighth Avenue has been sold by the city of Terre Haute. (Tribune-Star/Jim Avelis)
Discussion
City to sell ‘surplus’ northside park
Indiana development company plans to build skilled nursing/assisted living facility on site
- Business
-
-
‘500’ gas stations being sold to Speedway LLC
After several decades in business, the area’s familiar “500” gasoline stations and convenience stores will soon be missing from the roadsides of Vigo and Sullivan counties.
-
Business Cents: Customers and companies: Sugar goes further than vinegar
Working with companies for more than decade I am still shocked to learn how not only companies react to customers but also how rude customers can be to companies.
-
SOCIAL SECURITY: Can’t work because of disability? Let us help
Disability is something most people don’t like to think about. But if you’re not able to work because you have a disabling condition that is expected to last at least one year or result in death, then it’s a subject you may not be able to avoid.
-
Naysayers should treat good news as good news
I like to complain as much as anybody else. In truth, I may do more than my share of finding fault and wagging a finger in warning. Nonetheless, I’m tired of commentators (including many economists) who find nothing good and only the darkest clouds for the past few months.
-
All mothers appreciate extra help
Think of all the times and ways that your mom has helped you over the years — when you were a child, and after you became an adult. With Mother’s Day upon us, now is a good time to pay mom back with a little Extra Help — with her Medicare prescription drug costs.
-
Upcoming meetings
The Terre Haute Chamber of Commerce is hosting a health care reform seminar for businesses from 2 to 3:30 p.m. on Tuesday at Old National Insurance at 925 Wabash Ave., suite 200.
-
Indiana ranked best place to do business in Midwest
Indiana was ranked as the best place to do business in the Midwest and the fifth best nationwide in a survey of more than 500 chief executives by Chief Executive magazine.
-
First Farmers rated among top 100 community banks
First Farmers Bank & Trust of Converse was named one of the 100 top-performing community banks for 2012 by SNL Financial.
-
Newsmakers: May 12, 2013
Employer Support of the Guard and Reserve has recognized John Thompson, president of Thompson Thrift Construction, and Paul Thrift, president of Thompson Thrift Development, as “Patriotic Employers.”
-
On the Move: May 12, 2013
Stacey Joseph, a realtor in Terre Haute, has earned the Certified Residential Specialist designation by the Council of Residential Specialists, the largest not-for-profit affiliate of the National Association of Realtors.
-
Chamber lauds four with Business Recognition Awards
Congratulations to our Business Recognition Awards winners! Our Awards Luncheon at the Meadows Banquet and Conference Center was a great event to wrap up Business Recognition Week, sponsored by Union Hospital. At the Luncheon we recognized four local businesses as the 2012 Business Recognition Award winners:
-
ISU students provide detailed grocery analysis
As the National Cooperative Grocers Association makes business decisions in the coming years, the organization likely will take into account an analysis of some of its competitors – about 4,000 of them.
-
Construction firm holding grand opening in Marshall on Friday
Construction, H&H LLC is holding a grand opening and Marshall Chamber of Commerce ribbon cutting ceremony on Friday at 812 N. Second St. in Marshall, Ill.
-
AP Source: Subaru to expand Indiana plant
Subaru plans to expand its Indiana factory and add workers to build the Impreza small car in 2016, a person briefed on the matter says.
-
Transit proposals can prove to be game changers
After baseball, my favorite TV watching is the government channel. Here I can see the local government in action or local government inaction.
-
On the Move: May 5, 2013
Melissa Schollaert, RDH, HHP, has been added as a counselor of holistic health and nutrition at The Maple Center for Integrative Health.
-
ISU set to offer financial planning program in 2014
When Indiana State University junior Jennifer Groth began scheduling classes last semester, she planned them out by thinking of an academic program the university does not yet offer. Groth will be one of the inaugural students in the financial planning program that ISU will begin to offer in spring 2014.
-
Newsmaker: May 5, 2013
Gov. Mike Pence announced the appointment of Jessica Robertson to commissioner of the Indiana Department of Administration, a role she will begin on Wednesday.
-
U.S. Postal Service opens village office in Worthington
The U.S. Postal Service officially opened the 40th Village Post Office in the Greater Indiana District on Monday in Worthington.
-
How consistent is your business?
There are six areas in which consistency is critical in the majority of companies. Too often, business owners feel as they are “chasing down” rather than “leading it along.” If you can get a high level of consistency with your standards and practices, then your company will benefit.
-
Good time to try Spanish online service
Cinco de Mayo is May 5 — a time to celebrate Mexican heritage and pride. Why not join the celebration by visiting Social Security’s Spanish website, where you’ll find a number of useful services and a wealth of information in Spanish.
-
First Financial’s net income up 3 percent
First Financial Corp. has announced results for its quarter that ended March 31. The Corp.’s net income increased 3.4 percent to $7.7 million, compared to $7.4 million for the same period of 2012.
-
Curtain goes up on new theater owner
The Indiana Theatre in downtown Terre Haute is under new ownership with a new purpose.
-
Indiana Theatre SOLD!
The Indiana Theatre at 683 Ohio St. is sold.
Rob Lundstrom, who owns the Copper Bar and Louise’s, took possession of the historic downtown theatre on April 25. -
Higher education completion rates questioned
Spring is really here. Baseball is being played, the Cubs are already tragic and Faye of the Forest reappeared on the back deck. She was parked on the railing as I sat down to write this column.
-
Vectren Corp. awards $2.3 million in grants
Vectren Corp. has announced that it awarded more than $2.3 million in 2012 through the Vectren Foundation and corporate contributions.
-
Hard work, good attitude produces success
Like clockwork, Indiana State University graduate Joe Evelo regularly provides monthly updates to the first client he signed up when he started his financial investment career more than 35 years ago.
-
On the move: April 28, 2013
Old National Bank has promoted Howard Mills to vice president, mortgage loan originator.
-
Newsmakers: April 28, 2013
Lenise Kohlway of Spencer was presented with the WorkOne Achievement Award last week for overcoming several employment barriers and pursuing a better life for herself.
-
Ivy Tech offers free business counseling
The Ivy Tech Business and Entrepreneurial Services Center and the Terre Haute chapter of SCORE are offering free, confidential business counseling and low-cost high-impact training workshops to aspiring entrepreneurs and existing small business owners.
- More Business Headlines
-
Jodi Arias: Death Penalty Would Cause More Pain
Looking for Love? Take the Prague Metro
Raw: Costa Rica Volcano Roars to Life
Today in History May 22
Raw: Japan's WWII Atrocities Under Fire in Seoul
First Person: Baby Falcons on a New York Bridge
Raw: Students Clash With Police in Chile
Oklahoma: Images of Devastation, Reunion
Crews Race to Find Survivors of Okla. Twister
Police Ram House to End Hostage Standoff
Reunited Dad, Son: 'We Just Praise God'
Tim Cook Defends Apple's Tax Accounting
Raw: Aussie Zoo Shows Off White Rhino Calf
Slow Pokes: Acupuncture Helps Sick Turtles
Protests Outside Cincinnati IRS Office
Moore, Okla. City of Reunions, Tears After Storm
Families Begin Returning to Their Homes in Moore
Lawyer: Feds Investigating Susan Powell Case
Raw: Aerial View of Moore Tornado Damage
Former Rep. Weiner Running for New York Mayor
Shakira's Shocking Talent
Raw: New Video of Deadly Oklahoma Tornado
Morgan Freeman falls asleep on air
GRAPHIC: Blood-Soaked Machete Killer Caught on Tape
Camera Captures Climber As He Loses Grip And Falls
Helen Mirren Meets with Dying Boy in Queen Elizabeth's Place
Crowd Chants '¡Si, Se Puede!' After Passage of Immigration Bill
DWTS Crowns a Winner
Demi Moore a Rocks Bikini at Harry Morton's Family House
Anthony Weiner: I'm running for New York City mayor
Kate Middleton's Dress Flies Up
VIRAL: Baby makes epic soccer goal
The Hangover Baby All Grown Up
Olivia Munn Flaunts Her Bikini Bod
Britney Spears Under Fire Once Again For Being A Bad Mom
Arias Tells Jury What She'd Do if She Gets Life
The all-new Xbox One
RAW: Massive tornado strikes Oklahoma
Nidal Hasan paid $278K while awaiting trial
