The Frog Hollow neighborhood in Elizabeth will be gaining a multi-million dollar redevelopment by GonSosa Development, slated to begin construction this coming January. In early November 2018, brothers Ricardo Sosa and Alberto Goncalves, Elizabeth natives, closed on the property for $1.5 million. The 1.5-acre parcel of land located at 200 South Second Street, where plans are approved for 23 two-family homes, was previously foreclosed on by the city for non-payment of taxes. The homes are eligible for a five-year tax abatement, and it is predicted by Goncalves that within the next 10 years the City of Elizabeth will receive around $4 million in new property tax revenue from this project.
“The time is now right for the revitalization of the Frog Hollow neighborhood, an area that has been underserved,” says Eduardo J. Rodriguez, director, planning & community development for the City of Elizabeth. A formal ribbon cutting is tentatively planned for March 2019.
