Southwestern Illinois Development Authority (SWIDA) and Bywater Development Group this week 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 in Swansea, Illinois, in the St. Louis market.
The $11 million, transit-oriented development introduces senior apartment living adjacent to the Swansea MetroLink Station 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 fully occupied before the end of March.
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.
Adding to the cause for celebration at Monday’s ribbon-cutting was the recent news that Metro Landing of Swansea captured the 2019 Wyvetter H. Younge Award recognizing champions in affordable housing. The award was presented in late February at the 2019 Illinois Governor’s Conference on Affordable Housing, co-hosted by the Illinois Housing Council and IHDA. The Wyvetter H. Younge Award is presented annually in recognition of outstanding affordable housing developments or initiatives in a metropolitan area outside of metropolitan Chicago. Metro Landing of Swansea received the top score in that category, which seeks to honor developments and initiatives that improve quality of life for residents and the health of the overall community.
St. Louis-based Altman Charter served as general contractor for Metro Landing, delivering the project in just 12 months, despite losing more than 40 construction days to rain and wet site conditions. Chicago-based Worn Jerabek Wiltse Architects is the project architect, and the property is professionally managed by ND&S Management Company.
Rents start at $565 per month for a one-bedroom apartment and $705 for a two-bedroom apartment.