Metro-East News

Senior apartments to be built near metro-east MetroLink station

This is an artist’s rendering of the Metro Landing of Swansea senior apartment building to be built next to the Swansea MetroLink station.
This is an artist’s rendering of the Metro Landing of Swansea senior apartment building to be built next to the Swansea MetroLink station.

Metro Landing of Swansea, a $10.5 million apartment building for seniors who meet income guidelines, will be built next to the Swansea MetroLink station, developers announced Tuesday.

The Southwestern Illinois Development Authority and St. Louis-based Bywater Development Group will develop the project.

Mike Lundy, executive director of the Southwestern Illinois Development Authority, said construction could begin next year and the three-story, 62-unit building is expected to be finished by late summer 2018. Low- to moderate-income families will be eligible to live there, Lundy said.

This is not a nursing home. It’s for active seniors who might want to live next to the MetroLink to go to the Cardinal games, hospitals in St. Louis or Scott Air Force Base. It’s independent living.

Mike Lundy, executive director of the Southwestern Illinois Development Authority

Prospective residents must be 62 or older and cannot earn more than $30,000 a year. A two-person household cannot earn more than $33,000. Monthly rent will be an estimated $510 for a one-bedroom unit and $700 for a two-bedroom apartment, Lundy said.

Lundy said the primary funding for the project will be $8.4 million in tax credits from the Illinois Housing Development Authority, which last week authorized the use of federal tax credits for Metro Landing of Swansea.

The remainder of the funding will be from various sources, Lundy said, including traditional loans and an investment by the Southwestern Illinois Development Authority and Bywater Development Group.

“This is not a nursing home. It’s for active seniors who might want to live next to the MetroLink to go to the Cardinal games, hospitals in St. Louis or Scott Air Force Base,” Lundy said. “It’s independent living.”

He also said residents would have easy access to a nearby bike and walking trail.

Aaron Burnett, president of Bywater Development Group, said in a news release the project will be a “model for transit oriented senior housing.”

According to the Illinois Housing Development Authority, Illinois is allocated low-income housing tax credits based on population. Developers can apply for the tax credits, which they can then sell to investors who use the credits to offset their tax liability.

Bi-State Development, which oversees the MetroLink light-rail network, will sell 1.6 acres to the developers for about $418,000, Lundy said.

Lyndon Joost, village administrator, said the site has proper zoning for an apartment complex and the village has released a letter in support of the project.

According to the Illinois Housing Development Authority, Illinois is allocated low-income housing tax credits based on population. Developers can apply for the tax credits, which they can then sell to investors who use the credits to offset their tax liability.

The Bywater Development Group and Southwestern Illinois Development Authority also are working to develop the former Meredith Home/Hotel Belleville building into senior apartments but final announcement has not been made for the vacant building that towers over Belleville’s Public Square. The city of Belleville owns the building. Belleville aldermen on Monday authorized spending about $121,000 to replace the building’s roof.

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