LOVELAND — Indiana-based Mainstreet Property Group has begun construction on a 70-bed skilled-nursing facility in Loveland, its third such project in Northern Colorado and the Boulder Valley in the past two years.
Based in Carmel, Ind., Mainstreet is building the 49,306-square-foot facility at 4565 E. 37th St., between Boyd Lake and Rocky Mountain avenues, on 4.6 acres it acquired from Loveland-based McWhinney Real Estate Services Inc. in July for $1.25 million.
Rod Musselman, development director for Mainstreet, said Friday that the company is within 60 days of opening a similar rehabilitation center, the Health Care Resort of Fort Collins, in the Harmony Technology Park in southeast Fort Collins. The facility originally was called Mainstreet Health & Wellness Suites. The company also built PowerBack Rehabilitation in Lafayette for $17 million and then sold it for $21.6 million in 2015.
Musselman said he expects the facility in Loveland to be completed in October 2017.
The facility will provide post-acute transitional-care rehabilitation programs. Musselman said patients leaving a hospital who need to go through rehab on average spend 14 to 20 days at one of Mainstreet’s facilities.
The facility in Loveland was designed by Denver/Boulder-based OZ Architecture and is being constructed by Indiana-based Meyer Najem Construction, which also built the facility in Lafayette. Fort Collins-based Brinkman built the facility that is set to open in Fort Collins.
Mainstreet has built or is building 53 nursing facilities in the United States. Musselman said the company was drawn to Colorado for two reasons. The first is due to the concentration of health-care facilities and the number of new hospitals being constructed or expanded in the region. He also said the aging stock of nursing homes in the area is creating the niche for specialized nursing facilities.