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3/21/2019
An $11 million transit-oriented development (TOD) and senior housing complex adjacent to St. Louis-Metro Transit's station in Swansea, Illinois, officially opened last week.
The development, Metro Landing of Swansea, places residents in close proximity to public transportation options via MetroLink and MetroBus.
"Transit-oriented development drives economic growth," said John Langa, vice president of economic development for Metro Transit parent Bi-State Development Corp., in a press release. "Since 2011, we’ve seen more than $8.3 billion in commercial development completed, under construction or reasonably committed within a half-mile of our 38 MetroLink stations."
The Federal Transit Administration provided approval for Bi-State to sell the real estate at the transit center to the developers, Southwestern Illinois Development Authority (SWIDA) and Bywater Development Group.
More than 40 of the 62 units have already been leased as of last week, and the property is on track to be fully occupied before the end of the month, SWIDA officials said.
"While the facility has only recently been completed, it has already done exactly what we hoped it would do – serving as a catalyst for further development around this MetroLink station," Swansea Mayor Mike Leopold said. "We are currently in talks with other developers who are exploring opportunities in this area because they see the success of this project."