Developer Bonugli invests in another site on Central

St. Petersburg real estate investor Rossi Bonugli is working on a new retail development on Central Avenue. He’s hoping the investment helps give the area new life. 

According to a city permit, a 6,079 sq. ft. building is planned. It will have five units and approximately nine parking spots, Bonugli told the Catalyst. Each unit will be roughly 1,300 sq. ft.

He purchased the 2730 Central lot in 2014, for $285,000.

“This section of Central Avenue known as the Grand Central District has long been neglected with only a few new retail buildings completed, and it’s our goal to continue supporting its revitalization,” he said. “We want to help develop that area to be more vibrant.”

Bonugli’s real estate portfolio includes the former Goodyear Rubber Products Inc. headquarters, also located on Central Avenue (purchased for $2.39 million) as well as a building in the Warehouse Arts District.

He and his team have submitted plans to the City of St. Petersburg and are awaiting approval. Once they get permission to start, they will begin construction, with an estimated eight months until completion (a tentative completion date is early 2026).

The general contractor for the project is Seifried Construction, a third-generation St. Petersburg company, he added.

There are no confirmed tenants as of now.

“I haven’t had any conversations with [my realtor] about it yet,” Bonugli explained. “It’s generally too early to start looking at the tenants for smaller units like that, we like to wait until we’re closer to a completion date.”

He believes the new building will be a great opportunity for local businesses. One tenant could lease all five spaces, he said.

The lot once had two homes on the property as well as a masonry building, but Bonugli had them demolished to make way for the new project. For some time, the buildings were rented out.

Before investing in real estate, Bonugli co-founded Great Time Graphics in 1985 (which eventually became staffing company The BOSS Group/Cella) with his wife and business partner, Linda Wein.

One of the buildings that formerly stood at 2730 Central Ave. The site is currently an empty lot. Photo: LoopNet.com.