Appealing to Boomers: Retirement in 2014

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March 13 (Bloomberg) -- Mainstreet Property Group Chairman and CEO Zeke Turner discusses retirement facilities on Bloomberg Television's “In The Loop.” (Source: Bloomberg)

About this so many times, the demographics shift in the u.s. you found this market where baby boomers say, i'm not going to retirement homes but the same time i don't live in his big house i had with my family for so many years.

Your building high-end communities?

We are building hotel-like properties.

The average raise of a nursing home is now 40 years old.

Any states still restrict new development in that age -- area.

We believe that consumers deserve something better, so innovative the product and created a hotel-my property where people can go to stay long-term or short-term rehab and therapy to get well and ultimately go home.

Where are your properties?

Indiana, colorado, texas, kansas, for the middle of the country if you will.

We are attracted to states or we are allowed to develop.

States do not allow this?

What is the reason?


The nursing home lobby has been strong for many years.

With 40-year-old buildings, they're not innovated in a long time.

They enact state laws that are strict competition.

I imagine they feel like it should be regulated as well, right?

Yes, these are hotel-style developments, but they are people who are older and may have health problems that perhaps they wanted to be more regulated so there is the correct staff on hand.

You still have, correct me if i'm wrong, medical staff that are there at these properties.


But like any -- restaurants are regular to buy the board of health.

They have to me same criteria.

The same as with health care.

There should be quality, and that is important, but what we believe is that high quality can be done that is much nicer and much more appealing to the consumer.

What do you have in these facilities?

First of all, private rooms and private baths.

Most nursing homes today are shared.

You can imagine checking into a hotel or they say, by the way, your roommate checked in earlier.

We still do this to our seniors every single day.

Chefs on-site see of a restaurant.

You order off a menu.

Theater rooms, spines along.

-- spas and salons.

It is an price with local markets.

Are these units for sale or rental?


They are a daily rental based on health care services provided.

Most of it is covered by medicare or managed care or the insurance providers.

There's a segment of private pay as well.

How many do you have in development?

We have 19 and development, representing about $300 million worth of new development.

I imagine florida would be a state you would want to be in.

The state restricts us.

I would imagine it would be a big market for florida.

How did you get involved in this?

We started out buying the existing nursing homes and assisted-living's and did that for a few years.

Did well financially with it.

He found the portfolio to be underwhelming.

We said, why do we own this?

Can it be done in a better way?

I got excited about transforming the way things are done.

We threw away the designs and said, let's start over and design something that is appealing to the consumer.

We did and it was successful.

We continue to do it over and over.

That launched a public company in this space as well.

Are you looking at extending this brand or possibly doing other kinds of developments, or do you want to stay with this?

We like this.

We think we can innovate in other areas like knuckle transport.

-- other areas like medical transport.

It is exciting.

Thank you for joining us, zeke turner.

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