ASHLAND PLANS COMMERCIAL, RESIDENTIAL DEVELOPMENTS

CAPE GIRARDEAU -- Ashland Land Development Corp. has purchased 153 acres of land just outside the city limits and plans residential and commercial development.

"The land is adjacent to the White Oaks Subdivision," said Herb Annis. "The property is L-shaped, and fronts both Bloomfield Road, and Highway 74."

Annis said present plans, which are still being formulated, call for commercial development along the Highway 74 property, and residential development along Bloomfield Road.

"Our plans are to sell some small tracts of land, and to develop some larger lots of one to three acres," said Annis. "The number of homes will depend on the size of lots which are purchased."

Annis said this would mark the first venture outside the city limits for Ashland Land Development Corp., located at 2424 Kingsway Drive.

Ashland has three subdivisions within the Cape Girardeau city limits.

"We're still in all three," said Annis. "We have more than 100 homes in the Ashland Hill Subdivision, over 25 in Greenwood III, and are currently constructing six houses in Northwoods Court.

Annis, like other realtors, is looking for a better year in 1991.

"1990 was rather slow," said Annis. "Two things could have affected real estate in the later months, the Mideast situation and the earthquake scare.

"But January has been good," he said. "The interest rates are good, in the 9.5 to 10 percent range, and people are out looking."