October 17, 2022
Hannibal, MO. – Corey Mehaffy, Executive Director of the Hannibal Regional Economic Development Council (HREDC) announced today that Koontz Properties broke ground on a new multi-family development, Vista Way Apartments, near the intersection of Stardust and Munger.
According to Mehaffy, the project involves a 52-unit multi-family development to be completed in multiple phases. The units will be two-bedroom, with one bathroom and include a one-car garage.
According to Mehaffy, conversations with the Quincy firm started in 2019. While meeting with area employers regarding workforce recruiting needs, Mehaffy learned that one obstacle for employer’s recruiting efforts was the lack of market rate, workforce housing in the community. Former City manager Jeff LaGarce provided Mehaffy with a housing presentation that he and McKenzie Disselhorst, from the Hannibal Area Chamber of Commerce, had prepared regarding the demand in Hannibal.
Mehaffy added, “The presentation highlighted the housing need based on data collected from eight of Hannibal’s largest employers. The data showed significant demand for housing year over year. We spent some time revising that presentation with current numbers and began contacting developers regarding their interest in the market. We literally cold-called Scott and Tim through their website.”
Koontz Properties owner, Scott Koontz added, “when we were approached by HREDC, we were intrigued by the opportunity. Our family has been in the construction and rental business for many years in the Quincy area, and we had been seeing a definite increase in interest in remodeling and construction in Missouri. It only made sense to consider an expansion for rentals here as well.”
Mehaffy added that he and City Manager Lisa Peck have been working on a multipronged approach to address housing needs in the community. Those efforts include construction of single-family homes, construction of multi-family options, new construction infill options and renovation programs for the historic homes in Hannibal. “We are grateful to have multiple developments moving forward in the community. We feel like that speaks to the demand in the community for market rate, workforce housing”, said Mehaffy.
Hannibal City Manager Lisa Peck added, “As with many most rural communities, housing of all types is a pressing need here. We are pleased that this development will help to fill the rental demand and excited about other projects which will also assist with addressing senior and workforce housing needs.”
Mehaffy went on to say, “I am grateful to the Koontz family for their willingness to make this important investment in our community. The Koontz family has proven themselves to be great community partners in Quincy and we look forward to welcoming them to Hannibal.”
According to Mehaffy the infrastructure work began several months ago and the footings for the first building are being poured this week.
Koontz Properties maintains and leases rental properties at 6 different locations in Quincy, Illinois. For more information, please visit their website at https://koontzproperties.com/.
HREDC works to promote financial investment in Hannibal, and Marion and Ralls Counties. For more information on the organization, please visit their website at www.hredc.com.