Developer buys more land on Salt Creek as investment now tops $59 million
/View of downtown St. Pete 300 feet above Salt Creek | St Pete Rising
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.
Prometheus Partners has invested $59 million acquiring more than 15 acres around Salt Creek in south St. Petersburg. Newly acquired properties are shown in blue; earlier purchases are shown in red. | Google Maps
The St. Petersburg City Code describes this district as “intended to provide a unique integration of marine industries (including boat and equipment repair and assembly, and seafood processing) and related services which require a waterfront location or proximity to marine industries and related marine commercial services to support the marine industrial uses.”
However, under Florida’s Live Local Act, which was signed into law in 2023, allows developers to bypass local zoning and land use restrictions and build residential projects in commercially zoned areas if at least 40% of the residential units are set aside as affordable housing for households earning up to 120% of the Area Median Income (AMI).
With these latest purchases, Prometheus has now invested more than $59 million assembling land along Salt Creek, making it one of the area’s most significant private landholders.
Prometheus began acquiring land in the area in early 2024, starting with the $4.8 million purchase of Progressive Marine Service Inc. at 1351 Bay Street SE.
Prometheus purchased the 3.4-acre site at 333 16th Avenue South for $7.5 million on Monday | Google Maps
Over the following months, the group added properties including the former Sailor’s Wharf yacht yard at 1421 Bay Street SE for $10 million, the St. Petersburg Marine Center at 101 16th Avenue South for $12.5 million, and the Salt Creek Marina at 105 15th Avenue SE for $16.425 million.
More recently, Prometheus paid $6 million for the Salt Creek Arts Center property at 1499 Beach Drive SE, a 24,500-square-foot art deco-style warehouse currently leased to local artists and small businesses.
Despite these recent acquisitions, Prometheus has remained silent about its vision for Salt Creek.
While early filings hint at possible redevelopment, including a 4,271-square-foot “drive-in” restaurant and an 18,000-square-foot automotive complex, the company has not revealed any plans for the 15-plus acres it now controls.
The two existing buildings at 205 15th Avenue Southeast | Google Maps
The company also recently proposed Surf Shack, a three-story, 5,700-square-foot waterfront restaurant and bar planned for downtown Gulfport, just steps from O’Maddy’s Bar & Grille and Stormrunners Tavern.
For decades, marine businesses and warehouses have defined the Salt Creek waterfront. But as Prometheus continues to expand its holdings, the tide may be turning, hinting at the potential for new restaurants, residences, and mixed-use projects.
Still, after investing more than $59 million and assembling an extensive portfolio, Prometheus Partners could play a defining role in shaping the next chapter of Salt Creek’s future.
