The Kress building, a historic property in downtown St. Petersburg, recently changed owners and is being marketed toward upscale restaurateurs.

Samuel Boutros, 26, a lifelong St. Petersburg resident, bought the building at 475 Central Ave. from George Rahdert, a developer who also is an attorney for the St. Petersburg Times. The goal is to find an upscale restaurant for the building's first floor, Boutros said.

He plans to spend thousands of dollars to improve the 39,000-square-foot building built in the 1920s by Samuel H. Kress, founder of the S.H. Kress chain of discount stores.

"I'm going to make it more attractive," Boutros said. "I'm going to be aggressive. St. Petersburg is a booming city."

Boutros declined to disclose the selling price. The figure has not yet showed up in public records. The building had been on the market for several years and had a $3.2 million asking price in May 2010. The top three floors are nearly full with office workers.

Boutros said he has close ties to the upscale restaurateur Charley Woodsby, owner of Texas Cattle Company and Charley's Steak House, and is considering a joint venture with him to fill the space.

Buddy Sauter & Associates is listing 6,500 square feet on the first floor of the four-story building for $19 per square foot. Sauter pointed out that many Kress buildings across the country house restaurants on the first floor because of the high ceilings and expansive windows.

Peter Betzer, president of the St. Petersburg Downtown Partnership, said luring a restaurant into the building would help improve the Central Avenue neighborhood. Given the real estate downturn, he said, the sale of any downtown property is good for the area.

Mark Puente can be reached at mpuente@sptimes.com or (727) 893-8459. Follow him on Twitter at twitter.com/markapuente.

[KATHLEEN FLYNN | Times]