Prometheus purchased Salt Creek Marina at 105 15th Avenue SE for over $16 million last November

A once-sleepy industrial stretch along Salt Creek in south St. Pete is on the cusp of major transformation as Clearwater-based real estate company Prometheus Partners has quietly assembled more than 10.5 acres of contiguous property just south of downtown.

Over the past few years, the group has spent over $43.7 million acquiring a portfolio of waterfront parcels in the Old Southeast neighborhood.

Now, newly filed plans suggest a redevelopment may be in motion, one that could dramatically reshape this underutilized waterfront into a lively mixed-use neighborhood.

Prometheus began acquiring land in the area in March 2024, beginning with the purchase of Progressive Marine Service Inc. at 1351 Bay Street SE for $4.8 million.

That was followed by a $10 million deal in April for 1421 Bay Street SE, the former Sailor’s Wharf yacht yard.

In July 2024, it picked up the St. Petersburg Marine Center at 101 16th Avenue South for $12.5 million.

Then in November 2024, the company added the Salt Creek Marina at 105 15th Avenue SE to its portfolio for $16.425 million.

In total, the company now controls more than 10.5 acres across several parcels on the south side of Salt Creek.

Despite the scale of the acquisition, Prometheus has shared little about its long-term vision for the site, and not much is known about the company itself either.

The entities behind the purchases all trace back to Chris Suh, a Vice President at Prometheus who also filed the permits. Multiple attempts to reach Suh were unsuccessful.

An affiliate of Prometheus Partners, Southeast Investment Property Holdings LLC, owns nearly 50 Taco Bell restaurants and a few Olive Gardens, according to its website.

As for the Salt Creek properties, only a handful of small projects can be confirmed through plans submitted to the City of St. Petersburg and the Southwest Florida Water Management District (SWFMD).

But behind the scenes, there could be much larger plans on the horizon.

In total, Prometheus now controls more than 10.5 acres across several parcels on the south side of Salt Creek | St. Pete Rising

The first visible sign of redevelopment comes in the form of a 4,271-square-foot “drive-in” restaurant proposed at 101 16th Avenue South, the former St. Petersburg Marine Center site.

Plans show a 1,700-square-foot patio and cars on display, with seating for up to 286 guests. No name has been attached to the concept, but the plans hint at a car-themed restaurant.

Next door on the former Salt Creek Marina property, the company filed plans for “Classic Automotive,” a project that includes two metal automotive repair buildings totaling nearly 18,000 square feet along with parking.

At the Progressive Marina site on Bay Street SE, Prometheus has submitted two permit applications. One calls for a 76-space parking lot to serve an existing warehouse, and another for a proposed office building on the shipyard grounds.

None of the submitted permits have been approved, and St. Pete-based Ed Seifried Construction is listed as the general contractor on all filings.

Downtown St. Pete as seen from 300 feet above Salt Creek | St. Pete Rising

Despite the lack of an official master plan, documents obtained by St. Pete Rising suggest that more ambitious development is on the table. A geotechnical report for the site references a future hotel, although no details have been released and no application has been filed for such a use.

Residents and stakeholders believe the existing industrial buildings and marine service operations could eventually give way to a mix of retail, office space, residential units, and a reimagined marina, capitalizing on the area’s waterfront appeal and proximity to downtown.

A few years ago, Miami-based developer Royal Palm Companies was previously under contract to purchase multiple parcels along Salt Creek and promoted a 47.3-acre master-planned redevelopment featuring condos, affordable housing, hotel and conference space, and offices. While the deal didn’t materialize, it’s a sign of how appealing this corner of St. Pete is to developers.

The City of St. Petersburg is also eyeing Salt Creek for investment. City Council recently advanced plans to transform three acres of city-owned vacant land near Bartlett Park into a park and nature preserve, part of a broader $30 million effort to mitigate flooding and improve drainage in the Salt Creek and Lake Maggiore watershed.

Still, the potential for large-scale development in this low-lying, high-hazard coastal area has raised concerns. The Old Southeast neighborhood has traditionally supported working waterfront uses like shipyards, marinas, and boat storage. Many residents worry that unchecked redevelopment could displace the longtime businesses that have called Salt Creek home for decades.

As Prometheus continues to work behind the scenes, the full scope of what’s planned for their Salt Creek property remains to be seen. So far, some plans are coming into focus, but the company’s silence on an overarching vision has only fueled speculation.

With nearly $44 million already invested, and a portfolio stretching across some of Salt Creek’s most prominent waterfront parcels, it's clear that Prometheus has big plan, whether its been made public or not.

For now, the future of Salt Creek is still forming. But one thing is certain: change is coming.