Koontz Properties to build 52-unit multi-family development at intersection of Stardust, Munger in Hannibal
HANNIBAL, Mo. — Koontz Properties of Quincy, Ill., recently broke ground on a multi-family development called Vista Way Apartments near the intersection of Stardust and Munger.
Corey Mehaffy, executive director of the Hannibal Regional Economic Development Council, said the project will have a 52 units to be completed in multiple phases. Each unit will have two bedrooms, one bathroom and a one-car garage.
Mehaffy said conversations started in 2019 with Koontz Properties, which maintains and leases rental properties at six locations in Quincy.
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.
“The presentation highlighted the housing need based on data collected from eight of Hannibal’s largest employers,” Mehaffy said in a press release. “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 (co-owners) Scott and Tim (Koontz) through their website.”
“When we were approached by HREDC, we were intrigued by the opportunity,” Scott Koontz said. “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 said he and city manager Lisa Peck have been working on a multi-pronged 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,” Mehaffy said. “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.”
“As with many most rural communities, housing of all types is a pressing need here,” Peck said. “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 said the infrastructure work began several months ago, and the footings for the first building were poured earlier in October.
HREDC works to promote financial investment in Hannibal, and Marion and Ralls counties.
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