Could a $500 Million Development Come to Swansea?

A major mixed-use development proposed in Swansea could bring up to $500 million in new investment to the Metro East. The 306-acre project, led by Triple Lakes Farm LLC, would transform vacant land at the northwest corner of Frank Scott Parkway and Union Hill Road/Sullivan Drive into a mix of retail, restaurants, apartments, villas, duplexes and single-family homes.

The Swansea Village Board recently approved a pre-annexation agreement and a redevelopment plan that includes up to $58.47 million in tax incentives. Those incentives include a proposed tax increment financing district, a business district with a 1% sales tax, and a sewer recapture agreement. PGAV Planners has been retained to conduct a feasibility study.

The first phase of development is expected to focus on retail, with future phases introducing residential components over the next 10 to 15 years. Village officials estimate the site could generate up to $1 million in annual tax revenue when fully developed.

Sewer infrastructure work is expected to begin following formal annexation. The village emphasizes that incentives will only be awarded as revenue is generated, helping ensure accountability while funding infrastructure improvements.

Located near major transportation corridors and adjacent to other growing communities, the Triple Lakes project positions Swansea for long-term economic expansion. With flexible land use plans and significant regional interest, the site is expected to attract both national tenants and local developers looking to capitalize on one of the largest planned developments in village history.