Southwestern Illinois Development Authority (SWIDA) and Bywater Development Group joined with Bi-State Development and other key stakeholders and guests for the official ribbon cutting celebrating the grand opening of Metro Landing of Swansea. The $11 million, transit-oriented development (TOD) introduces senior apartment living adjacent to the Swansea MetroLink Station in Swansea, Ill., and has opened to strong demand.
More than 40 of the 62 affordable one- and two-bedroom units have already been leased, and the property is on track to be full occupied before the end of March.
Located next to the Swansea MetroLink Station, the three-story Metro Landing of Swansea caters to adults seeking an independent lifestyle at an affordable cost. Residents will have car-free transportation options via MetroLink and MetroBus to conveniently access restaurants, retail, entertainment venues, recreational locations, employment centers, and medical facilities throughout the bi-state region. The Swansea Station is also located on the popular MetroBikeLink trail, so residents have the added bonus of being able to utilize the trail for exercise and recreation.
SWIDA and Bywater, which jointly developed the project, secured the majority of the financing from the Illinois Housing Development Authority, with additional construction financing provided by PNC Bank. Additional support came from the Illinois Department of Commerce and Economic Opportunity and Ameren, along with the St. Clair County Intergovernmental Grants Department.
The Federal Transit Administration also played a pivotal role in the project, providing the necessary approval for Bi-State Development to sell the ground at the transit center to the developers for this project.