CareSource to build 7-story office building in downtown
The building, which will be called CareSource Center City, will be 250,000 square feet and will hold 900 employees. Groundbreaking is set for 2017 and is expected to be finished sometime in 2019, company officials said.
"When CareSource grows,
CareSource CEO
"More than 10 years ago, we took a bold step in the height of the economic recession and invested in
The nonprofit
The new building would be connected by a plaza to CareSource headquarters and
The company leases most of the approximately 600,000 square feet of office space it currently occupies downtown, except for the headquarters building.
"We have managed our space needs by renovating existing locations in downtown," she said. "But as we forecast for the future, our experience and analysis has proven that it is more cost efficient to own and operate a new building than to lease and renovate existing space."
CareSource and the
In addition to receiving
CareSource declined to elaborate on the details until the project is finalized, which is contingent on tax-credit financing and other incentives from state and local authorities, officials said.
The new building would be the first new high-rise to open downtown since CareSource's headquarters opened in 2008 with the help of the
Since that time, the company has seen its business operations and employment accelerate dramatically.
Over the past five years, company-wide employment has grown from 1,200 to 3,100 in four states -- including 860 new employees added in the past year alone -- while membership in its health plans has grown to more than 1.5 million.
Much of the company's growth can be attributed to its roll-out of private health plans under the Affordable Care Act and the expansion of
And the company is showing no signs of slowing down, projecting membership in its CareSource-brand marketplace plans to grow by 50,000 to 75,000 next year, on top of 124,000 current enrollees in
CareSource has also benefited from the implementation of the MyCare Ohio program, and the launch of
___
(c)2016 the Dayton Daily News (Dayton, Ohio)
Visit the Dayton Daily News (Dayton, Ohio) at www.daytondailynews.com
Distributed by Tribune Content Agency, LLC.
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News