Hannibal subdivision helps fill housing deficit - WGEM.com: Quincy News, Weather, Sports, and Radio

Hannibal subdivision helps fill housing deficit

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Jim Mulhern develops 43-home subdivision in Hannibal. Jim Mulhern develops 43-home subdivision in Hannibal.
This is the 50 acres of property off Westover Road that will be turned into a subdivision. This is the 50 acres of property off Westover Road that will be turned into a subdivision.
The subdivision will be called Oak Spring. The subdivision will be called Oak Spring.
Types of homes built in the Oak Spring subdivision would sell for about $240,000. Types of homes built in the Oak Spring subdivision would sell for about $240,000.
Hannibal officials say there's a housing deficit. Hannibal officials say there's a housing deficit.
HANNIBAL, Mo. (WGEM) -

Families in Hannibal may soon have a new place to call home. A new subdivision, Oak Spring, is in the works and it's aimed to help fill a housing gap in America's Hometown. 

Jim Mulhern has been developing property in and around Hannibal for about 30 years. His latest project is a 42-home subdivision off Westover Road, located between Hannibal Hospital and General Mills.

"We're all around good businesses and we're still out in the country, which is kind of the neat thing about us," said Mulhern.

Homes in Oak Spring will range from $230,000 up to $700,000. It may sound like a lot of money to some buyers but Hannibal City Manager Jeff LaGarce says it's filling a deficit of homes in that price range. 

"Not only does it help fulfill demand, which is good for attracting incoming people to Hannibal who are coming here for jobs; whether it's with a company, a school, the hospital or whomever it might be, but it also adds private investment in our community, which is always a good thing," said LaGarce.

So the 'new' option, is a big selling point for buyers. 

"I can tell you one thing, 3/4 of Hannibal's housing stock was built before Ronald Reagan was President," said LaGarce. "It's a very old community and statistically on the whole there hasn't been a lot of homes built in the last 30-40 years."

Mulhern hopes to start breaking ground at the end of the month or beginning of December. Mulhern hopes to start selling lots by mid-summer. 

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