Dr. Kiran Patel sells Indian Rocks Beach waterfront site for $16M after condo plans stall

/
Dr. Kiran Patel sells Indian Rocks Beach waterfront site for $16M after condo plans stall

Clearwater-based real estate firm Prometheus Partners, which has been steadily scooping up sites along St. Pete’s Salt Creek, has made another land purchase —  this time in Indian Rocks Beach.

Prometheus purchased the vacant parcels at 400, 404, and 408 Gulf Boulevard for $16 million from prominent Florida physician, entrepreneur, and philanthropist Dr. Kiran Patel, according to a deed recorded on Tuesday.

The 0.97-acre property, which is located across from the original Crabby Bill’s, was formerly home to the 45-key Gulf Towers Motel, which was demolished in early 2023.

Dr. Patel purchased the site in 2005 for $9 million, with plans to redevelop it into an eight-unit condo community called Sai Ocean Front Residences.

Pre-construction sales kicked off in 2024 with pricing starting at $6 million per unit.

However, Patel opted to list the property in September 2024 to focus on other endeavors, listing agent David Grieco told St. Pete Rising.

Read More

Nearly $100 million invested as developer continues buying spree along Salt Creek in south St. Pete

/
Nearly $100 million invested as developer continues buying spree along Salt Creek in south St. Pete

Clearwater-based real estate firm Prometheus Partners has acquired another property along Salt Creek, pushing its total investment in the area to nearly $100 million over the past year and a half.

Prometheus purchased a 4.63-acre property at 263 13th Avenue South for $28.215 million from Bayboro Partners LTD on December 31st.

The site is home to Bayboro Station, an 80,991-square-foot, three-story office building originally constructed in 1924 as one of St. Petersburg’s first power plants, and an adjacent surface parking lot.

Today, the building houses several tenants, including Pinstripe Marketing, Carbon Design & Architecture, and the Southeast regional headquarters of the National Oceanic and Atmospheric Administration (NOAA) Fisheries.

With this latest purchase, Prometheus has now spent more than $93.8 million acquiring nearly 23 acres in the Salt Creek area, making it one of the largest private landholders in the neighborhood.

Read More

Developer buys more land on Salt Creek as investment now tops $59 million

/
Developer buys more land on Salt Creek as investment now tops $59 million

Clearwater-based real estate firm Prometheus Partners has once again expanded its portfolio along Salt Creek in St. Pete.

The company, which has now spent $59 million acquiring over 15 acres in recent years, quietly acquired two more industrial properties just south of downtown as part of its ongoing effort to assemble a large swath of contiguous land in the Old Southeast neighborhood.

According to property records, Prometheus purchased the 3.4-acre site at 333 16th Avenue South, the 57,000-square-foot former home of Captain’s Fine Foods, for $7.5 million on Monday.

Last Tuesday, the company acquired the 0.48-acre property at 205 15th Avenue Southeast for $2 million. The site includes a 7,000-square-foot warehouse currently occupied by Universal Stenciling and Marking Systems.

Both sites are zoned IC (Institutional Center), which is intended for public and semi-public uses such as hospitals, universities, utilities, and government facilities.

Read More

Three-story waterfront restaurant and bar proposed for downtown Gulfport

/
Three-story waterfront restaurant and bar proposed for downtown Gulfport

A vacant quarter-acre lot along Gulfport’s downtown waterfront is slated to be redeveloped into a new restaurant.

Clearwater-based Prometheus Partners has proposed to construct a three-story, 5,700-square-foot restaurant and bar called Surf Shack at 5427 Shore Boulevard South, just steps from popular spots like O’Maddy’s Bar & Grille and Stormrunners Tavern.

Designed by St. Pete-based Fraze Design renderings show a fresh, modern coastal aesthetic with white siding with blue accents and striped awnings.

Plans call for multiple bars, a covered balcony, and ample seating designed to take advantage of Gulfport’s waterfront views.

While Prometheus has not yet released details about the menu, the concept is expected to feature casual coastal fare and drinks in line with its beach-inspired theme.

Read More

Real estate investor purchases another property near Salt Creek in St. Pete for $6 million

/
Real estate investor purchases another property near Salt Creek in St. Pete for $6 million

Clearwater-based real estate company Prometheus Partners, which has been quietly assembling acres of contiguous property just south of downtown St. Petersburg, has acquired another site.

Through its affiliate, Prometheus Franchise Restaurant Holdings LLC, the group purchased the 24,500-square-foot warehouse at 1499 Beach Drive SE for $6 million from Cato Holdings LLC.

Built in 1959, the art deco-style building sits on 1.37 acres near Salt Creek. It currently houses the Salt Creek Arts Center, a maker space offering studios and galleries for local artists, as well as moving company Swift Moves.

Read More