Dr. Kiran Patel sells Indian Rocks Beach waterfront site for $16M after condo plans stall
/A one-acre waterfront site in Indian Rocks Beach, which was formerly home to the 45-unit Gulf Towers Motel, has been sold for $16 million | Yosha Phantom Works
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.
Prometheus purchased the vacant parcels at 400, 404, and 408 Gulf Boulevard for $16 million from Dr. Kiran Patel, according to a deed recorded on Tuesday | Google Maps
Prometheus has yet to unveil plans for the property, though its High-Density Commercial Tourist (CT) zoning would allow for up to 30 units, as well as hotels, motels, restaurants, and multifamily housing.
The purchase adds to Prometheus’s growing local portfolio and brings its total investment in Pinellas County well over $100 million.
Over the past year and a half, Prometheus has acquired nearly 23 acres in St. Pete’s Salt Creek area, making it one of the largest private landholders in the neighborhood.
Prometheus's latest acquisition was its purchase of a 4.63-acre property at 263 13th Avenue South, which the group bought for $28.215 million on December 31st.
The company also recently proposed a three-story, 5,700-square-foot waterfront restaurant and bar for downtown Gulfport, just steps from O’Maddy’s Bar & Grille and Stormrunners Tavern.
The gulf towers Motel was demolished in 2023 | Google earth
