Tampa developer surprised by success of Citrus Park apartments
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Mar 27, 2015

Richard S. Giunta saw a lot of potential in a site off Waters Avenue in the Citrus Park area - with its proximity to major employers and retail, he thought it would be perfect for apartments.

But the demand for the property came as a surprise even to the principal of Giunta Group Ltd. The 72-unit Citrus Run apartment complex was 80 percent preleased in early March - three weeks before its Thursday grand opening. One-bedroom units start at $950 for 937 square feet; two-bedroom units start at $1,215.

"It's definitely exceeded our expectations," said Paul Baumann, Giunta's accountant.

Beyond the proximity to office and retail developments, Giunta said he thinks a personal touch has driven the property's success: As a dog owner, he made it a priority to make the property as pet friendly as possible. It features an on-site dog park and heavy duty flooring.

"We have two dogs, and we have a pleasure in having them as part of the family," Giunta said, "and I think that's the way this has been accepted here - their pets are a part of the family."

Giunta said he intends to hold the property for some time - it's not a "build and flip" proposition for him, though investor interest in Tampa Bay apartments remains strong.

His next project is already in the works: Giunta has recently closed on a prime site at the corner of West Laurel and North O'Brien streets. He's not yet willing to say what the project will be, though the buzz in real estate circles is a possible high-end hotel, spa and Italian restaurant, similar in design and style to the Epicurean Hotel in South Tampa.

Ashley Gurbal Kritzer is a reporter for the Tampa Bay Business Journal.