Gonsosa Development has planned for a new multimillion dollar redevelopment project in the Elizabeth neighborhood of Frog Hollow, the commercial real estate company announced Tuesday.
The project, which calls for the construction of 23 two-family homes, has begun with a formal ribbon-cutting ceremony on Wednesday at 200-238 South Second St.
Ricardo Sosa and Alberto Goncalves, founders of Gonsosa, closed on the property for $1.5 million. Elizabeth Development Corp. assisted with approvals and permits, and helped Gonsosa with subsidies and benefits.
The 1.5-acre site, which has been remediated in part through a $400,000 grant from the U.S. Department of Environmental Protection, currently has a 15,000-square-foot commercial warehouse leased to a non-manufacturing tenant.
Financial and other terms were not disclosed.